Wylie there's a few things you've mentioned that worry me a little.
* It doesn't matter how much equity you've got. This does not increase your affordability.
* You've suggested that you're not self employed, but part time PAYG. This would preclude a person from a lo doc loan.
* Residential lenders don't look at the rent from an individual property in isolation. They must take into account the bigger picture of all your other assets, liabilities and living expenses.
The qualifying criteria for lo doc lending tends to be minimum 2 years of self employment, plus at least one form of pseudo income verification. In many cases people hold an ABN so it's possible to fool the bank into believing they're self employed, even though they're not.
If you are genuinely self employed for more than 2 years, you qualify for a lo doc loan. If you're not self employed, it may be possible to make the bank believe you are, but technically you don't qualify for a lo doc loan.
I don't doubt that you trust your broker friend or that they're acting in your interests. This doesn't mean that they're 100% above board with the application. I'll do things for my brother which I wouldn't do for most of the other people I deal with. For some people I will stretch the truth because I do know them better and know they can afford the loan, for most though there is no grey area.
* It doesn't matter how much equity you've got. This does not increase your affordability.
* You've suggested that you're not self employed, but part time PAYG. This would preclude a person from a lo doc loan.
* Residential lenders don't look at the rent from an individual property in isolation. They must take into account the bigger picture of all your other assets, liabilities and living expenses.
The qualifying criteria for lo doc lending tends to be minimum 2 years of self employment, plus at least one form of pseudo income verification. In many cases people hold an ABN so it's possible to fool the bank into believing they're self employed, even though they're not.
If you are genuinely self employed for more than 2 years, you qualify for a lo doc loan. If you're not self employed, it may be possible to make the bank believe you are, but technically you don't qualify for a lo doc loan.
I don't doubt that you trust your broker friend or that they're acting in your interests. This doesn't mean that they're 100% above board with the application. I'll do things for my brother which I wouldn't do for most of the other people I deal with. For some people I will stretch the truth because I do know them better and know they can afford the loan, for most though there is no grey area.