No Doc Home Loans are home loans that don't allow you to verify your work, prove your earnings, and check your credit in some situations. For a particular type of person or circumstance, such home loans are made. They're not for everyone, and here are a couple of circumstances with which this form of loan can benefit.
If you are a self-employed individual and you have trouble proving your true income, then a no document loan can be beneficial for you. This is a typical and popular situation for a no doc home loan. You can also browser https://www.comparez.com.au/home-loan-low-doc to get more information on low doc home loans in Australia.
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Tipped employees not reporting all their tips are another group of people which suits very well with this form of home loan. This is a group that makes a lot more than they can show and that's why it's difficult to get a good loan. For the tipped worker, the no doc home loan is fine. It's a very common situation to use a no-document loan.
If you've been working in the same job for over 2 years, but your debt-to-income ratio is too high for a typical mortgage, then NOT for you is a doc home loan.
So now you know that circumstances are perfect for a no-doc home loan and when to stop one. Make sure you search your quote for no doc home loan to make sure you get the best quote for you.