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The 82% low doc home loan is a unique product and although the LVR extends beyond the traditional low doc home loan threshold of 80% the product profile is literally the same. We have highlighted the product profile of the 82% low doc home loan for your reference below so please feel free to browse through, or you can simply contact us for more information.
Minimum and Maximum Loan Amounts
The 82% low doc home loan allows you to borrow up to 1 million dollars if the LVR required is the maximum of 82%. The home loan amount may be greater although the LVR may reduce on a scale, for example you could borrow up to 1.5 million if the LVR is at 60% of the purchase price.
Location Guide
Most low doc home loan providers need to use an external mortgage insurer for their home loan products, when it comes to the 82% low doc this is not the case. Instead the provider of the 82% low doc home loan self insures so there is a higher level of flexibility from an acceptable postcode location perspective.
These postcodes fall under a category system with the majority of purchases or refinances occurring in category 1 and 2 postcodes with a number of them in category 3. The category is simply a definition of the density of population and housing in a given area, that's not to say that this home loan provider will not look outside these categories.
How the location of a property and the category it falls under may have an effect on the low doc home loan is simple. Here's an example, if you were to purchase a property in a category 5 area then the LVR may be limited to 70% or 75% rather than 82%.
Investment Guide
This is an ideal low doc home loan for investors for the simple reason that the investor does not have to use as much cash resources to fund a purchase. A simple example is the purchase of a 300k property where the investor is 6k less out of pocket due to the 82% lending ratio.
The 82% low doc home loan also allows the investor to factor in the rental income to assist with servicing the home loan. The rental which is assessable as income can be as much as up to 80% of the rental value and this can go a long way to help service the loan in addition to the declared income.
Converting from a Low Doc to a Full Doc Home Loan
Low doc home loans are primarily designed for self employed applicants who are unable to provide a full set of financials, although there will come a time when the applicant will be able to provide fully verified income information.
Converting from a low doc home loan to a full doc home loan is as easy as providing your fully verified income details and choosing a product which best suits your needs at that time.
Another option is to look at an alternate home loan provider who may offer a more appropriate home loan solution. Keep in mind though that there may be a fee applicable for discharging the low doc home loan although this is a nominal amount and depending on the structure you require it may well be worth moving your finance elsewhere.
As you can see the 82% low doc home loan is a flexible and competitively priced home loan product which can suit many and varied needs. To find out more about the 82% low doc home loan and how it may suit your needs simply contact us. Alternatively you can contact us to arrange an appointment with a low doc home loan consultant.
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