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Low doc loans












MICHELLE MATHESON: That's correct, yeah. STEPHEN LONG: The loan application, which she only received recently, said Michelle was a self-employed professional and had grossly overstated her income. MICHELLE MATHESON: My income has been stated, not obviously by myself, but either by the broker or low doc loans Australia somebody at the bank - has been stated to be $75,000 per year. The previous year's income was $70,000. STEPHEN LONG: She named the house "Hope". The situation was hopeless. MICHELLE MATHESON: I've taken on two to three jobs at a time, sold everything to make mortgage payments. I've got credit card debt of close to $30,000 because I've had to put mortgage payments onto that. STEPHEN LONG: The broker convinced Denise's mother to take out a second mortgage. MICHELLE MATHESON: Mum had to sell her house to stop the option of this home. STEPHEN LONG: And move to a caravan park. <br>For the original version including any supplementary images or video, visit http://www.abc.net.au/news/2012-08-14/australia-faces-its-sub-prime-mortgage-scandal/4196210





7 things you should know about low doc loans





7 things one should know about low doc loans Low doc home loans or low documentation loans are particularly designed for the people that are unable to produce the obligatory documents that make it possible to avail conventional loans from the financial institutions.Therefore, anyone ranging from unemployed individuals to small scale businessmen can avail these loans during the times of need with minimum fuss. In order to avail these loans, a person is required to put forward an application with self-verification certificate without any obligation of property ownership and related affidavits. 1. Everyone is eligible Aspirants with impaired credit history or those with poor credit ratings can also avail these services. Although, it requires some extended, if the services give you access to loans, its worth the extra effort. 2. Varied form of interest Although, low doc loans are much easily accessible than standard loans, borrowers might have to shell some extra money in the form of rate of interest. The rate of interest in increased because the risks of loan defaults involved is greater than in the case of normal mainstream loans from banks. The person should be discreet and far-sighted in impending upon the lender that not only offers advance at a lesser interest rate than others in the market, but also charges no supplementary collateral. 3. Require additional security The additional fact that should be kept in mind while accessing low doc loans is that they require extra security. <br>For the original version including any supplementary images or video, visit http://www.dynamicbusiness.com.au/finance-cash-flow/7-things-you-should-know-about-low-doc-loans-07052013.html



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