Being a self-employed individual isn’t a crime. But it feels that way, isn’t it? Especially when you head over to a bank to draw a handsome loan!
Yikes!!
So much so is this problem that the credit market in Australia has reformed or, rather have to reform, to bring in new players on to the field. One such credit facility is low doc commercial property finance in Melbourne.
So, what are these loans?
Let’s be clear on one thing, low doc or simply low documentation credit facility is a specialised advance that non-banking and microfinance companies offer to borrowers. But, do not mistake it as a zero document loan!
What do you need, then?
To obtain a loan documentation loan, here are some of the things that you need to furnish-
- Healthy credit history
- Clean repayment track record
- Maximum borrowing of 70 to 80% of the properties cost price
- Every documentation related to the property
- No secondary mortgage
- Proof of income
Apart from this low doc commercial property finance in Melbourne also requires few other document proof as the lender decides.
Make sure to carry the following
Along with the proof and documents mentioned above, you must also carry with you at least two copies of the following documents-
- Your ABN ( Australian business number)
- Your BAS ( business activity statement) from last year
- Registered business name and borrowers income declaration
- Trade licence proof (at times)
Once you have these in hand you can definitely look for low doc loan facilities available at your locality!
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