Low Doc & No Bas Loans for the Self-Employed in Adamstown

How to get No Bas Low Doc or Self-Employed loan in [pb-city].

There is still hope for low doc applicants.

Since the reforms of the credit code the area of low doc lending has tightened considerably. Self-employed applicants are now required to provide more evidence of their income than in the past.

There is no doubt that in the long term this is a good thing for the strength of our financial system.

Many main stream or large lenders require applicants to submit bas returns and then they apply a formula to determine the amount of sales that can be used as income for servicing purposes.

However, there are other options.

There are many legitimate reasons why bas returns may not be a true reflection of an applicants income and affordability.

For this reason some lenders apply the following criteria:

·         No Bas needed

·         6 months business banking statements (required)

·         Or a signed declaration from yourself and your accountant stating your annual income

It is extremely important that in every case applicant only seek credit at a level that they can afford to repay.

Your broker will be able to sit with you and discuss how much your potential loan will cost to repay.

What does this all mean in the end for you as the customer.

Well put simply it means that low doc loans are still available but there are a limited number of lenders to choose from and the old no doc type loans, that is, a simple self-certifying income declaration are not available.

However, if you are borrowing less than 60% of the property value there may be options with private lenders. Your broker will still need to ensure that all legislative requirements a met and that you can afford the credit that is being applied for. If you are self-employed and live in [pb-city] then feel free to call and see what options are available to you.