MHP Mortgage Loans - Matthew Stack

  Finding the right Low Doc Lender There’s more than just the interest rate to think about. You'll need to consider: 1. Lenders Mortgage Insurance 2. Risk Fee 3. Application fee 4. Borrowing Capacity 5. What income verification documents are required Each lender has its quirks; it's best to use a mortgage broker to walk through your options. What Documents do I need for a Low Doc Loan? - Most lenders require a 20% deposit and an  ABN  at least 24 months old. Need to watch more than just the interest rate There may be other hidden costs.  To find out which loan is the cheapest, take a holistic approach and look at the cost of the loan including fees & charges. Some lenders will charge a risk fee if you borrow more than 60% of the property value. These fees can vary significantly between different lenders.  And some lenders don't even charge them. Low doc loans can transition into Prime loan Your mortgage broker will help you transition into a prime loan after...

Low Doc Home Loan A Low doc home loan is a mortgage requiring much less documentation than a standard home loan.  Predominately for business owners that haven't had their tax returns completed. If you’re self-employed a low doc loan may help you into a mortgage quicker.  There is always the option to transition into a full doc prime loan in the future when your tax returns are all up to date. How much can I borrow? - Borrow up to 80% for a low doc loan. - Above 80% and risk fees may apply. What Documents Will I need? - Personal Declaration of your business earnings. PLUS, - Either an Accountant's letter or 2 BAS. - Your business will need to have been operating for longer than 24 months. What lenders are available? - There are more than you think, Resimac and Pepper to name a couple. Discover if you Qualify for a low doc loan - Give me a call and I'll walk you through it. Matthew Stack - Mortgage Broker 0423 237 242