I am planning to invest in property market
what does it meas LOWDOC & FULL DOC loanzaman
FULLDOC is a normal type of loan where you supply payslips, tax returns or other evidence of your income.
LODOC is a less stringent loan where you certify the amount you earn in a declaration. Some also need an accountants letter to support it. Originally designed for self employed people who’s tax admin isn’t complete. Usually restricted to an 80% LVR.
NODOC loan is a less stringent loan again. Also known as an Asset Lend. You need to certify that you can make the payments and the money is lent against a property. Usually limited to a 70% LVR.
Hope this is useful,
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
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