OK, I'm going to be humble here and come out with it..
What is Lodoc stuff you guys talk about? Could someone be kind enough to explain in detail what this actually is?
many thanks in advance esp if you guys have explained this before..
T
Trance
No problems.
Lodoc or limited documentation is a lending term where the lender requires less than complete documentation when it comes to income evidence. It is normally aimed at the self employed client who has not got his Tax returns done and is able to state an income rather than supply all of his financials. In saying that it is also available for PAYG clients.
The loan is normally limited to an 80% loan to value and the Bank or lender adopt the attitude that they are prepared to accept a Stated Income rather than supporting evidence.
Richard Taylor | Australia's leading private lender
many thanks Richard
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