If you are self-employed but don’t have current financials, getting a loan approved can be difficult as most lenders require a minimum of 2 years full financials and tax returns as evidence of income. As an alternative to this Low Doc Loans rely on a self-declaration of your income supported by additional documentation such as an accountants letter, BAS Statements or Business Banking Statements.
WHY THE BANKS REJECT THE SELF-EMPLOYED
- BAS & Financials not up to date
- LVR greater than 60% required
- Equity Release (also known as cash out) required
- Equity Release required for Business purposes or in larger amounts than the banks will allow
Depending on your circumstances, and what documentation you are able to provide, we can assist. We have loans to suit all low doc lending scenarios. We can often get loans approved even if they are outside normal lending criteria as we have forged very strong unique relationships with our funders over many years of working with them.
Contact us today and we will customise a loan proposal specific to your individual low doc lending needs.
At Sherlock, we provide true low doc lending options to our self-employed clients and our loan products are the best in the market. Some of our loan features include:
- Interest Rates as low as 4.75%
- Loan to Value Ratios (LVR) as high as 90%
- Unlimited cash out & loans from $100,000 to $2,500,000 (higher for commercial)
- Flexible equity release options including business purposes and payment of ATO debts
- Low Doc Construction
- Credit Impaired Low Doc options
- Commercial Low Doc options
- Company & Trust Borrowers
- Low Doc loans for vacant land
- Minimum 12 month ABN
- Fixed & Variable Rate options
- Settlement usually within 3 weeks
- Quick decisions, confidential and accurate advice
- No Lenders Mortgage Insurance