Turning Back Time for the Self Employed
I wonder just how many of us remember the old school 'No Doc' Loan ? .... a loan where Lender's essentially allowed Borrowers to confirm their own incomes, without the need for them to verify this via their last 3 months of bank statements, or their recent pay-slips or end-of-year Income Tax Returns.
Well guess what ? ... this old-style loan is now back and available through Viking Capital Group is a slightly different form, now known as the 'Mid Doc' Loan.
With the Mid Doc Loan Borrowers can revert back to Self-Certification for their own Income, or their Family Holding or Trading Company and/or Family Trust income, as long as they support this declaration with one of either of the following items;
Accountant’s letter, or
Their last 2 x BAS statements, or
Their Last 6 months bank account statements
When using the Accountant's letter as the supporting option to the self-certification option, you now have a loan product about as close to the old No Doc Loan format as you are ever going to see in these current times where legislation in the mortgage market is firmly focused on Responsible Lending.
So, if you happen to be in the market for a residential investment or owner occupier loan and you are self-employed and suffering from the usual cash flow constraints due to our present economic market constraints, this product could be perfect for you. With rates starting at 3.09% per annum and minimal loan establishment costs why not consider this lending solution when you are looking to acquire a new residential property.