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The Term Lo Doc Home Loan, means Low Documentation Home Loan. These loans are generally targeted towards people who are self employed, and may not have completed their financials or tax returns yet. All banks and lenders have different guidelines when it come to low doc mortgages, and since the global financial crisis, most banks have tightened there lending criteria with these types of loans.
Most banks or lenders that still provide lo doc home loans will lend up to 80% of the property value. The interest rates for these loans vary between the different lenders, and generally speaking the higher the loan to value ratio, the higher the interest rate. Low Doc home loans are, generally speaking, mortgage insured, if you borrow more than 60% of the property value. The interest rates can still be competitive when compared to full documentation loans, and may be the same with some lenders. This is why it's important to seek some information from a qualified mortgage broker, to see what may be best for your personal situation.
If you would like some more information on Lo Doc home loans, contact Perth Mortgage Broker Group here, or call Troy on 0411 229 602, 7 days a week.