Our market leading Low Doc Loans are highly popular amongst business people seeking a flexible and fuss-free mortgage option. At G-Force Finance Solutions, we have access to a wide selection of low doc home loans that can accommodate a wide range of purposes and preferred supporting document criteria.
At G-Force Finance Solutions, we have a soft spot for small businesses. We understand how difficult it can be to grow your business when many lenders are often rigid when it comes to verifying your income.
When you apply for a low doc business loan through G-Force Finance Solutions, you’ll apply right over the phone with a loan specialist or you can apply through our website. From there our team can tell you the types of loans you qualify for and what would best suit.
How will a Low Doc Loan Application be Assessed?
Our Lenders have a range of low-doc loans for self-employed people and small businesses looking to invest in commercial property because we believe that your personal work and life-style choices should not limit your investment options.
Your ABN is a key determinate lenders use to ascertain your length of self-employment. The longer your ABN and GST registration history the better, as it demonstrates your longevity and consistency as a self-employed business person.
Your Credit History is very important.
Lenders are relying on your past credit performance in ascertaining your eligibility for new credit. Whilst minor telco defaults and judgments can be accepted a clear or ‘clean credit’ history is the most favorable. In general the age of the default is considered, the older the default the better, as it is more favorable to the applicant if a long time period has passed since the default incident has occurred.
Deposit or Equity Contribution
In most cases a minimum of 20% is required from the applicant(s) for a purchase or refinance. The maximum loan to value ratio (LVR) is generally 80%, although we do have a low doc loan product that will allow up to 85% for a purchase transaction.
Net Asset Position
Your overall net asset position reflects the financial strength of your application. This is your gross asset values minus your current liabilities. The higher this figure the better.
When you apply for a low doc loan you may be asked to provide a recent statement on any existing mortgages. This is to demonstrate that you are making the obligated payments on these debts and that they are being managed within your credit limits. For refinance transactions it is a standard requirement that you provide 6 months statements for your existing mortgage(s) to be refinanced and generally 3 months statements for any other debts you wish to consolidate (or pay out) from the proceeds of the loan.
This is a key determinant when applying for a low doc loan. Lenders rely more heavily on the location of the property in assessing their risk when lending under a low doc arrangement as they are not relying as much of the applicants income evidence. Most metropolitan property will be considered up to maximum loan to value ratios, whilst regional property will often be considered at lower loan to value ratios.
Support – every step of the way
We are ready when you are ready to make the move – your advisor will prepare the paperwork, liaise with the lenders every step of the way to the settlement. In most cases, we can have this all done in the same day, ready to submit for approval.
Our personalised service doesn’t end when you settle. Your dedicated adviser will be there to help you throughout the life of your loan or lease. At G-Force Finance Solutions, we hear often about the complications our clients have obtaining business assets they require. We understand!
In most cases, banks and finance companies want to see from clients a well-planned application, with supporting documentation to show how they plan to service/repay the loan and be sustainable for at least the period of the proposed Loan agreement. This is where we help!
Our finance advisors take into consideration, tax and cash flow requirements and can assist on dealer as well as private sales. Why spend hours approaching banks, trying to get them to understand your business and filling out paperwork when you can just pick up the phone and let us do it all for you?– we seek to understand your short, medium and long term goals.
Visit our Loan Calculators today and take the next step by clicking the “Quick Quote” Button and our finance advisers will then get to work on sourcing you a tailor-made package from our trusted panel of lenders and will work tirelessly to get you the right solution.