Skilled Conveyancing Services P/L

Have you ever had difficulty getting a home loan because of your credit rating? Do you have extenuating circumstances? Non-conforming institutions have only been around for a few years. They specialise in helping clients, with an adverse credit history, who have now managed to get back on their feet and can't get a loan anywhere else. Unlike most financial institutions who are only looking for straight forward clients who have great credit history, non-conforming institutions certainly have a niche market. How will a Non-Conforming Financial Institution view my situation? These lenders know that there are circumstances that arise from time to time in life which impose financial hardship on hard working people. They will look at why you have an adverse credit rating and set your interest rate accordingly. On average, you do pay a higher interest rate for this type of a loan, but in the long run it can keep you from financial ruin. No matter what your circumstances, non-conforming lenders offer clients an opportunity to save the family home. They can help you get yourself back into a situation where you are better able to structure yourself financially.

What is a low doc or no doc loan?

Put simply, a low doc loan or a no doc loan as it is sometimes called, are for borrowers unable to disclose or verify their full income details. For a traditional mortgage, you will need to have been in business or employed a minimum of 2 to 3 years with full tax accounts and other documentation. A low doc loan is a mortgage where reduced documentation is sought by the lender to verify the borrower's income. No doc loans do not require disclosure of income or asset / liability position. Low doc and no doc loans offer the same flexibility and features as standard home loans, some without any interest rate premium. Others revert to the standard rate after a qualifying period. Low doc home loans are usually slightly more expensive than traditional home loans due to the higher risk profile of the customer perceived by the banks. They are used predominantly by people who are looking to buy a home, buy an investment property or refinance existing housing property and who don't have the standard financial paperwork such as pay slips or tax returns which a standard home loan or investment loan requires.

Who can benefit?

Clients we have helped with a low doc loan or no doc loan are those who are self-employed, borrowers who have been rejected by traditional lenders, independent contractors, investors, no-financials borrowers, CRAA (credit) impaired, ex- bankrupts and even those who have had arrears on their current mortgages. Low doc and no doc loans are relative new to the market place and maybe alternative for you if you are self employed.

We invite you to sit down with one of our experienced Lending Managers and discuss your proposal in the comfort of your own home, office or here at Skilled Conveyancing Services P/L.