Low doc home loan for self-employed borrowers

Let Savvy compare low doc home loan options for you from over 17 lenders to help unlock potential savings and flexibility.

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Low doc home loan for self-employed borrowers

How to enquire about low doc home loan options

Applying for a low doc home loan with us is straightforward.

1

Fill out our online form

Tell us a bit about yourself and your situation so we can get started.

2

Chat with your broker

Your broker will contact you and walk you through your options.

3

Submit your application

Complete your documents and submit your formal loan application.

Easy as 1. 2. 3. Get approved today!

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Savvy compares rates from 17+ lenders to help you save

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Why apply for a home loan with Savvy

Help throughout the process

You'll be matched with an experienced mortgage broker who'll handle all the hard work for you from start to finish.

Trusted lenders

With a panel of reputable mortgage lenders, you can rest assured you'll be comparing high-quality options with your broker.

Paperless quote process

You can fill out a simple online quote via our form without having to worry about sorting through heaps of paperwork.

Easy as 1. 2. 3. Get approved today!

Example #1: The importance of comparing interest rates

Olivia has had an offer accepted on a new $800,000 house, of which $200,000 will be paid as a deposit. It's time for her to consider the different options available on the market for her home loan. She picks out a few offers and runs the numbers in the calculator to get the following:

  Loan amount Loan term Interest rate Fortnightly payment Total interest
Lender A $600,000 30 years 5.25% p.a. $1,529 $592,183
Lender B $600,000 30 years 5.25% p.a. $1,546 $605,590
Lender C $600,000 30 years 5.25% p.a. $1,572 $625,831
Lender D $600,000 30 years 5.25% p.a. $1,607 $653,060
Calculations are for illustrative purposes only and may not be reflective of the interest rate you're offered on your home loan. Calculations do not include loan fees or any other home-buying costs.

Olivia sees that even the jump from 5.25% p.a. to 5.50% p.a. would cost her almost $34,000 more across the life of her loan. She decides to go with Lender A in this instance.

Got a low doc home loan question?

What does subject to finance mean when buying a house?

Subject to finance is a clause in a property's sale contract that makes the purchase conditional on your home loan being approved. This means that even if you've paid the initial deposit and have passed the cooling-off period, the sale can still be cancelled if your finance falls through. It's a crucial safeguard for borrowers to help them avoid forfeiting a significant sum if they hit a roadblock with their bank.

How can I pay off my mortgage faster?

There are several things you can do to pay off your mortgage faster. This includes:

  • Making additional repayments: putting extra money towards your loan can reduce the principal faster and save you interest over time. For example, if you take out a $500,000 loan over 25 years at 6% p.a. then start paying an extra $200 per month after two years, your monthly payment would increase to $3,421 but over the life of the loan you could save around $54,319 in interest and pay it off two years and eight months earlier.
  • Making payments fortnightly: paying half your monthly amount every two weeks adds up to one extra full repayment each year (13 repayments instead of 12), helping you pay off your loan quicker. For example, for an $800,000 home loan with a 5.75% interest rate over 30 years, making fortnightly payments instead of monthly would allow you to pay it off five years and four months earlier and save $181,768 on interest.
  • Using an offset account: the more money you keep in your offset account, the less interest you'll pay on your mortgage. For example, on a $450,000 loan over 25 years at 5.5% p.a. with monthly repayments of $2,764, making $250 monthly deposits into your offset account could shorten your loan by two years and one month and save around $69,489 in interest.

Can I still get a home loan if I have bad credit?

Yes – although your options may not be as great, some lenders offer non-conforming or bad credit home loans. These are products for those who don't meet traditional lending criteria. They typically come with higher interest rates and fees than a standard mortgage.

Are pensioners able to be approved for home loans?

Yes – but it can be more challenging. Lenders must assess whether a loan is affordable and appropriate for your circumstances, including your age, income and how close you are to retirement. Since most home loans span 25 to 30 years, older applicants may need to show a clear plan for repaying the loan, such as selling the property, downsizing or using superannuation. If you're receiving a pension or have limited income, approval is still possible but may require a larger deposit or additional security and a short mortgage term length. Speaking to a mortgage broker or lender can help you understand your options.

If I'm a business owner, what are my home loan options?

As a business owner, you can still apply for a standard home loan. The main difference is how you prove your income. This can be done with your last one to two years of personal and business tax returns, as well as other documents such as a recent Notice of Assessment, profit and loss statements or a letter from your accountant confirming your income. If you can't provide all of these, you may have to look for a low doc home loan instead.

What is the first home super save scheme?

The first home super saver (FHSS) scheme is a government initiative that allows prospective buyers to make voluntary super contributions that can then be partially or fully withdrawn when purchasing a home. You can deposit up to $15,000 per year via this method, up to $50,000 in total.

The incentive here is that these contributions are usually taxed at a lower rate (15%) than your marginal income tax rate. However, it may not be the best option for you, so it's worth doing your due diligence and speaking to your accountant.

Can I buy a house at an auction pending finance?

No – when you buy a property at auction, the sale is unconditional. This means it's not subject to finance, so you need to have your loan pre-approved and be confident you can complete the purchase before bidding.

Do doctors and nurses get mortgage rate discounts?

Doctors, nurses and other medical, financial and legal professionals may be able to get LMI waivers from certain lenders. This allows them to avoid paying LMI even if they have a deposit below 20%.

What are my home loan options if I buy a property with a friend or family member?

There are two main options when buying with someone else:

  • A joint home loan, where both buyers are listed on the loan and equally responsible for making repayments. This means if one person can't pay, the other must cover the shortfall.
  • A property share home loan, which allows each person to apply for their own separate loan for their share of the property. You'll both be listed on the title, but you're only responsible for your individual loan, not your co-buyer's.
Depending on your situation, you may also be eligible for schemes like the Home Guarantee Scheme if both applicants meet the requirements.

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