NAB Solutions for Self-Employed (‘Low Doc’)
Self employed may find it difficult to be approved for a loan. This is because most self employed people find it difficult to prove what their income has been and that their income can be variable and can vary from one year to the next. The low doc home loans provide a solution to self employed people by providing a loan that does not require many documents to gain approval. The NAB Solutions for Self-Employed (‘Low Doc’) is one of these loans that provide a way for self employed people to get a loan. This article will explain what the main features of the loan are and what loan schemes are available under the low doc home loan option.
Features of the NAB Solutions for Self-Employed (‘Low Doc’)
The NAB Solutions for Self-Employed (‘Low Doc’) have very specific features that are available. The features of the NAB Solutions for Self-Employed (‘Low Doc’) loan are:
- Limited amount of documents required. The NAB Solutions for Self-Employed (‘Low Doc’) loan do not require all the documents that are usually required with loan application. Instead of providing proof of your income, all you will have to do is sign an income declaration. The income declaration is a legal document that guarantees that you earn a specific income and will be able to pay off the loan.
- What are the restrictions of the NAB Solutions for Self-Employed (‘Low Doc’) loan. The NAB Solutions for Self-Employed (‘Low Doc’) is designed for self employed people and as such the requirements of the loan are relaxed. The NAB Solutions for Self-Employed (‘Low Doc’) loan does require you to have a good credit history and to currently hold an ABN number.
- How much can you borrow. The NAB Solutions for Self-Employed (‘Low Doc’) allows you to borrow up to 95% for Variable Rate NAB Tailored Home Loan or 95% for Fixed Rate NAB Tailored Home Loan or 90% for NAB Flexiplus Mortgage Home Loan of your property value. This means that you will have to save up a 10% deposit if you are using the NAB Solutions for Self-Employed (‘Low Doc’) loan to buy a personal or investment property.
What Loans are Available with the NAB Solutions for Self-Employed (‘Low Doc’)
The NAB Solutions for Self-Employed (‘Low Doc’) loan is available with a few loan types. These loan types are:
- NAB Tailored Home Loan – Variable Rate. The low doc home loan is available for the NAB Tailored Home Loan – Variable Rate loan. The main features of the loan are the interest offset account, the ability to make additional repayments and the redraw facility.
- NAB Tailored Home Loan – Fixed Rate. The NAB Tailored Home Loan – Fixed Rate is available with the NAB Solutions for Self-Employed (‘Low Doc’) loan. The fixed rate loans are generally less flexible with features but the NAB Tailored Home Loan – Fixed Rate allows you to make additional repayments and redraw the funds if you need them.
- NAB FlexiPlus Mortgage. The NAB FlexiPlus Mortgage loan is the final loan type that is available on the NAB Solutions for Self-Employed (‘Low Doc’) loan. This loan is a line of credit account with flexible repayment and withdrawal options.
Low doc home loans are offered to allow self employed people get the money they need to buy their house. They are different from other loan in that they require minimal documentation to be approved for the loan. The NAB Solutions for Self-Employed (‘Low Doc’) loan offers this streamlined application process and gives you the choice of loans so you can choose the right one for you.
Related posts:
- Home Loans for the Self Employed
- St.George Home Loans for Self-Employed and Small Business Owners
- Can Self Employed Workers Get A Home Loan?
- Home Loans for the Self Employed – Full Doc & Low Doc Home Loan Requirements
- NAB Rural Lifestyle Home Loans
- CBA Loan Options for the Self Employed
- eChoice Lo Doc Home Loans
- BMC Low Doc Loan
- NAB Tailored Home Loan – Fixed Rate (Interest Only in advance)
- NAB Tailored Home Loan – Fixed Rate (Interest Only paid in arrears)
Top Home Loans
| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing | |
|---|---|---|---|---|---|---|---|
 Loans.com.au - Dream Catcher | A home loan offer with a $0 application fee and one of the lowest available home loan interest rates. | 5.85% | 6.21% | $0 / $375 | 80% | $50,000 / $750,000 |
 
|
 Bankwest Online Home Loan | A low interest rate home loan with a $0 application fee and ongoing maintenance fees. This offer is exclusively available by applying online. | 5.97% | 5.97% | $0 / $0 | 80% | $100,000 / $1,000,000 |
|
 Illawarra Home Loans Bank Beater Home Loan | A low variable rate, beaten down even further by 0.05% p.a. after 5 years. | 6.07% | 6.35% | $0 / $345 | 90% | $250,000 / $1,000,000 |
|
 State Custodians Mortgage Company Standard Variable Offset Loan | Awarded Mortgage of the Year 2012 – this multi-award winner features 100% offset and a loyalty 0.25% rate drop after 5 years. | 6.02% | 6.23% | $0 / $345 | 95% | $150,000 / $1,000,000 |
|
Ask A Question