Low Doc Home Loan - The Loan For Tipped and Self Employed People!

1. Low Doc Home Loan - The Loan For Tipped and Self Employed People! If you are the type of person that works in an industry that you live off of tips or if you are someone that owns your own company, then you know the struggles you have to go through to get a mortgage loan. This is why banks came up with the low doc home loan that allows you to not have to prove all of your income to qualify. Here is how these types of loans work and what you need to know. First, you should know that if you are someone that does not have any problem proving your income, then you do not want to be talked into a low doc home loans Australia. This is because it is a sneaky way that the mortgage broker is trying to get you approved for a loan that is not any good for you. You probably cannot afford the loan or for whatever other reason do not qualify so they are trying to get you the loan with no documentation necessary. This is not a good thing for you. Second, if you do a low doc home loan, then you will not have to prove much. You will probably only have to prove things like your actual employment or the business that you own. You will not have to prove your actual income and in many situations you can write down the amount you make and sign it as your income documentation. This allows you to put down your real income and be done with it without trying to prove it. This is the greatest benefit of a low doc home loan. Last, you should know that the interest rate on this type of loan is going to be a bit higher than normal, but you will be able to get your loan. This is important and if you struggle to prove your income you will be able to get your money without much struggle. This is good because you can

2. own your own home without the struggle of going through too much to get the mortgage you need.