Fox Symes Low Doc Home Loan
Fox Symes Low Doc Home Loan – Features
The irregular cash flow many self-employed borrowers have can make it very difficult to qualify for ‘traditional’ home loans with most banks. Lending policies usually state that borrowers need to product 2 full years of financial documentation or tax returns in order to show an accurate income figure.
If those tax returns are more than six months old at the time of application, the bank might even ask to see Business Activity Statements to verify the last couple of quarter’s earnings. This is next to impossible for many business owners, as seasonal income fluctuations or slow times throughout the year can make it difficult to show a stable income.
Fox Symes understand the trials self-employed borrowers face. This is why they offer a Low Doc Home Loan that allows customers who can’t verify all their income to still borrow the money they need.
What’s more, Fox Symes are also happy to help customers with adverse credit history, or even those who don’t have an established credit history at all.
Keep in mind that, while a Low Doc Home Loan may not require you to provide extensive financial documentation, you will still need to provide some. This will include some form of evidence that you are self-employed, such as a registered Australian Business Number, or Australian Company number.
For some applicants, basic documentation may be required. This might include things like bank statements, but each individual application is assessed separately, so it’s worth asking what you might require for your own loan.
You might find that the starting interest rate can be a little higher compared to the standard variable rates offered on some other loans with Fox Symes. However, this is just temporary. As long as you’re able to make regular repayments on or before the due date every month, Fox Symes will happily reduce the interest rate back to a normal rate within one or two years.
Flexible Loan Options
The Fox Symes Low Doc Home Loan is incredibly flexible. You’re able to make extra repayments when and if you choose, and if you need those extra payments back, you can redraw them when you need them most. You’re also able to choose between making Principal and Interest payments at either weekly, fortnightly or monthly to suit your own preferences, or Interest Only payments if you want to maximize an investment loan.
A 100% offset account is also available for those who want to further reduce the amount of interest they pay on their mortgage. This is ideal for self-employed people who may get paid large sums during some months and lower sums during others, as the money in the offset account is working hard to reduce the interest you pay on the home loan overall.
So, if you’re finding that regular banks won’t lend you the money you need, consider the Fox Symes Low Doc Home Loan as a positive home loan solution.
Related posts:
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- Fox Symes Investment Home Loan
- Fox Symes Honeymoon Home Loan
- Fox Symes Standard Variable Home Loan
- Resi Lo Doc Pro Lite Home Loan
- Fox Symes Debt Consolidation Home Loans
- Fox Symes Line of Credit Home Loan
- Fox Symes Bad Credit Home Loans
- Fox Symes Bad Credit Home Loans
- Fox Symes Mortgage Refinance
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