Category Archives: Doc Home Loans

No Doc Home Loans: Borrow with No Proof of Income

Borrow with No Proof of Income

No and low doc loans typically require minimal (if any) income proof. It is one of the biggest reasons why these loans are so unique compared to standard bank loans. Of course, no and low documentation loans still require paperwork for the application to be approved but it’s different. For instance, you do not need to offer up a tax return. Lenders may be happy with a signed income declaration form. Of course, it varies from different lender. So, what should you know about these loans?

Are There Borrowing Limits?

Lenders will always limit how much a person can borrow at any one time. For example, if you wanted to buy a modestly-priced home, the deposit may remain at 20 or 25%. However, this could vary depending on the type of property you wish to purchase. It is also worth noting that low doc home loans vary from each lender. You may want to increase the overall size of your deposit as it’ll reduce how much you have to borrow. It could also look favourably in the eyes of the lender. learn more about guidelines for low doc loans at

Getting Approval Isn’t Always Guaranteed

While you don’t technically need to show income proof with a no documentation loan, some lenders may want a signed assets and liabilities statement. Essentially, this confirms you can afford to buy the property. A specialist lender may also be required. It is, however, important to understand that not all applications are approved. Just because you’re looking for low doc loans, it doesn’t guarantee your application is accepted. Lenders may reject applicants that are deemed too risky even for them. learn more about assets and liabilities by clicking here

 Home Loans

Your Credit History Can Matter

Good credit is important when it comes to any loan, even a no doc home loan. If your credit is poor, it shouldn’t automatically prevent you from obtaining a loan. It does mean your loan’s interest rate will be higher than that of a borrower with excellent credit. No documentation loans are typically few and far between, depending on the lender. You will likely need to speak to a specialist that deals with no and low doc home loans.

Are There Alternatives to No Doc Home Loans?

Sometimes, a no doc home loan might not work for your specific circumstances but all’s not lost. Low documentation loans are essentially mirror images of a no doc loan, with the exception that some income proof is required. Again, some lenders will accept a signed income declaration form while others will want to see personal and business bank statements and tax returns. It can vary from different lenders, so it’s worth exploring further. Low doc loans are viable alternatives to consider.


Borrow With Limited Paperwork

No and low documentation home loans are great options to consider. No doc mortgages are useful if you have zero paperwork or just don’t want to show proof of income. Low documentation loans allow alternative proof. Both loan types are useful for those who cannot obtain a traditional home loan. It’s good to see alternatives that don’t require extensive paperwork like traditional bank loans. No and low doc home loans are incredibly viable and necessary for the ever-evolving world.