SKIPPI79

I've found a few companies and banks that do low(or no) doc home loans. but now here is the question----
If you've just arrived and want a mortgage you have to sign a declaration. something declaring that earn enough money to pay the repayments. Even if your not working and need a mortgage can you do it this way??
I've seen on a website about the tax department doing check ups, and people getting caught by them?
Or it doesn't make a difference to the people arriving, so if you've got some kind of deposit will they still give it to you???

understand????

BullcreekBob

G'day

If you've got a decent deposit then you can generally find your way to a normal fully documented mortgage. Banks and other lenders generally show some lenience towards recently arrived migrants. As long as you've started work and you've got a deposit of 20% or more mortgages are quite easy to come by. Mortgages with a deposit of only 5% are still available particularly if you are working here doing the same sort of work as you were doing before migration.

If you want a low doc mortgage you'll need a decent deposit and usually a larger one too. Most Low doc mortgages will only lend to 60% or 70% of the property value.

Low doc mortgages tend to be very helpful for people that are self employed and don't have their paperwork and tax returns up to date or just don't want to disclose the full details of their income and liabilities. Some lenders require that you've had an ABN (Australian Business Number) for two years, however there are a few lenders that will accept a 1 day ABN. Low doc mortgages are generally at a rate slightly higher than could otherwise be achieved.