Resi Lo Doc Pro Lite Home Loan
How the Resi Lo Doc Pro Lite Home Loan Works
Most self-employed borrowers understand the frustration of not being able to qualify for a “normal” mortgage. After all, the big banks want to see a stack of documentation to verify income and then they don’t even bother to take into account any of the income that can be added back, or that was written off on paper, but still ended up in your pocket in reality.
Rather than try to support a loan application with tax returns, financial documentation and statements, Resi have a Lo Doc home loan solution instead. This allows self-employed borrowers to apply for a mortgage with only limited income documentation.
You will need to show that you’ve been self-employed for at least two years, but this can be done by showing the date your ABN or ACN was registered.
Saving Money on a Lo Doc Loan
The vast majority of Lo Doc loans available tend to punish self-employed people by charging a higher than average interest rate. Yet, Resi offer their Lo Doc loans at a highly competitive rate.
At just 7.32%, this is an attractive variable rate, so there’s plenty of room to save money on interest costs.
Add to this the extra saving of paying $0 application fee and $330 ongoing fees, and it’s easy to see where self-employed business owners can benefit.
Flexible Features
One of the biggest issues self-employed borrowers tend to have is the problem of trying to keep personal and business spending separate. Yet, Resi offer the ability to split a Lo Doc mortgage, so you can have up to four separate accounts all under the same approved credit amount.
This lets you fix a portion of the loan, leave another portion variable, use another part of the account for business purposes and yet one more for investment use.
With the freedom to split your home loan this way, it makes reporting at tax time much easier. It also gives you a simpler way to view your balances and separate any cash you want set apart.
What’s more, if you need to access any extra cash that you’ve left sitting in the home loan, you can redraw those amounts online at no cost. This offers the ideal way to keep money you’ve put aside for GST payments or PAYG payments sitting on your mortgage until it’s time to pay them. This can help to greatly reduce interest costs.
There is no penalty for making extra payments into the variable portion of your home loan. You’re also able to log into your online banking account at any time to view your balances, transfer funds, make payments or just check on your accounts.
Related posts:
- Resi Flexi Fix Lite Home Loan
- Resi Lo Doc Home Loan
- Resi Smart Pro Lite Home Loan
- Resi Smart Pro Home Loan
- Resi Flexi Fix Home Loan
- Resi Lo Doc Line of Credit
- Resi Pro Lo Doc
- Resi Commercial Property Loan
- Resi Flexi Options Home Loan
- Resi Complete Home Loan
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