Is it easy to get a lowdoc home loan rite now?

Hi guys.
Just considering to buy my first home,probably one bedder or studio in the city. The problem is i currently umemployed and cant provide pay slip as well.
havnt consulted loan manager yet but just wondering how easy to get a low doc home loan rite now.
let say i can put about 50% deposit and the rest is 100k mortgage, is 't better in this scenario....or get my own ABN even if im not self-employed?
thanx
 
Welcome kobees,

You'll need an ABN to get a Lo DOc, and they usually have to be registered for 2 years.

They are however very easy to get.

There are a also a few Mortgage brokers on this forum. Rolf, and Xenia come to mind.

Check out thread on book Smart Borrowers Handbook. Have a read of it if you can grab it and maybe drop Stuart a mail.:)

regards Jo
 
Obtaining a Nodoc or Lodoc loan is certainly possible however a couple of things to bear in mind:

1) If you are unable to declare any income then a Lodoc loan will not be suitable as most lenders require you to state an income on the application form. Nodoc maybe more suitable.

2) Do you really want to be entering into a loan contract when you have no form of regular income. Depending on the actual loan amount interest repayments maybe cheaper than the rent you are paying but there are other expenses to consider when being a home owner.
 
might be able to use cash savings or borrow more than 50% to cover them...

Keeping in mind the comments by rolf and richard also should not be disregarded and caution should be exercised
 
hi
as the others have said you need to work out how you pay the loan
not how to get one.
getting a loan is very simple and there are structure that can be used to get a loan with no income, bankrupt, even in gaol if need be.
the problem is not getting the loan.
its how to pay that loan.
now if you find a posi property as alot of things you read about and you think great there is the loan covered.
not that easy as a lender will require that you can cover 1.5 times the loan amount and this is the figure you want to work on.
so first get an income.
say 10k
then 1/2 it 5k
now that has to cover 1.5 of loan
3.2k or 3.2 x 1.5
this gives you a loan at 8% rate of 40k
these are rough figure and it will go up or down but these are back of the envelope numbers
once you have the numbers and the income
then and only then go looking for a loan.
but thats just my view and don't use it as advice
 
thanx for all your advice, i 'm renting a crappy unit for 270 a week and it will be 300 by the end of this year when contract expires. honestly i've got some savings that's why i can afford my rent and bills.

as regard to the employment i'm confident that wont be a big problem.
Anyway, just wondering what 's the difference between No doc and Lowdoc?
say if i get a new job in next two month and earn 400-500 weekly, can i apply 100k-150k loan?
cheers.
 
A Nodoc loan does not require any statement of income and in some cases any statement of your assets or liabilities.

A Lodoc loan usually requires you state an annual income and certainly requires you state your current assets and liabilities.

There are a couple of other variances in relation to LVR's, interest rates etc but this should not effect you at the LVR you are looking at.
 
Since I have a thread on the topic too, any chance someone could flick across a couple of names of places that do no/lo doc loans so us financially challenged folks can start calling them and begging for money? Or does everyone just go through brokers these days?

I did ring a Real Live Broker but they put me through to the Northern Territory and now I'm waiting again. Geez, I may be north of Adelaide but I'm still very much south of Darwin!

Edit: nevermind, there's quite a few names in the other other no-doc thread. I'm beginning to think this ABN/GST registration is going to be useful.
 
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