Month: October 2023

Can I Refinance From Low Doc To Full Doc? 

Can I Refinance From Low Doc To Full Doc? 

Are you looking to refinance your personal loan in the near future? If you are a self-employed individual or a small business owner, this can be a worrying time as you may not have the detailed fiscal records most traditional lenders need. If so, what you should do is refinance with a Low Doc Home Loan. Doing so can be simple, quick as well and stress-free with the assistance of a Low Doc Mortgage Brokers specialist. 

Refinancing with a Low Doc Home Loan 

If you want to refinance with a Low Doc Home Loan, the procedure can be easy, and less paperwork will be needed. But you will need: 

  1. Have a fairly good credit history.
  2. Do not borrow more than 80% of a property’s value.
  3. Have an ABN (Australian Business Number).
  4. Provide a statement of business activity, a letter from an accountant, or bank statements.

If you don’t have the required paperwork, an expert Mortgage Broker can assist you in preparing. When you have everything you need, he will take care of paying off your previous loan and make an application for the new one. Once your application is approved, your lender will pay the old loan as well as your new loan will start. 

Possible Uses for Your Low Doc Refinanced Loan 

The most typical reason individuals refinance their personal loans is to consolidate debt or release equity from an asset. Whether you are refinancing to consolidate debt, you can bundle all your credit cards, individual loans, as well as other debts into one simple-to-manage loan, making payments simpler and more affordable. 

If you are releasing equity from your asset, you can use the money to develop your business, buy shares, for any other legal and worthwhile purchase, or purchase an investment property. If you are releasing in excess of $50,000, you may need to demonstrate the purpose for which you are using the money. 

Flexible and Easy Low Doc Loan Options 

If you are a freelancer, a self-employed individual, or own your own business that doesn’t mean you are not able to refinance your loan to make life easier. All you need is a little expert assistance, courtesy of expert Mortgage Brokers. They offer flexible, hassle-free financing to Australians like you for over a decade. Click here for more information: 

What Are the Costs of Refinancing? 

Mortgage refinancing costs differ from lender to lender as well as depend on your whole situation and the product you are applying for. These costs include: 

  1. Cancellation Fees: Your current lender will normally charge you between $100 and $300 to release you from the home loan. 
  2. Application Fees : There are no upfront charges with certain home loan products. 
  3. Property Valuation Fee: A property valuation fee is paid to an expert to value your assets and make sure it is standard collateral that meets the credit policies of the bank. 
  4. Lender Mortgage Insurance: Classically just charged when your refinance exceeds 80 percent of the asset value. 
  5. Ongoing Fees: These costs include annual or monthly account maintenance fees as well as withdrawal charges. 
  6. Breakup Costs: Charged if you refinance in a fixed term and condition. 

You can free up capital to use towards the investment property, purchase of a new home, shares, or for any other worthwhile legal purpose. If you are using the funds for your business, a number of lenders will reject your Low Doc Loan, while others will view your application more positively. Read ùpre this site: