Compare no doc home loans in Australia

Compare some of the best no documentation home loans in Australia - Data last updated on 22 Jul 2018

Compare no doc home loans in Australia

Low Doc Fixed Options Home Loan (Principal and Interest) 1 Year (LVR 60%-80%)
Advertised rate
4.29%
Fixed - 1 year
Comparison rate*
5.36%
Monthly repayment
$1,236
Real Time Rating™

2.54 / 5

Compare
Premier Package Low Doc Rocket Investment Loan (Principal and Interest) ($250k-$500k)
Advertised rate
4.99%
Variable
Comparison rate*
5.36%
Monthly repayment
$1,341
Real Time Rating™

3.03 / 5

Compare
Standard Variable Home Loan (Low Doc)
Advertised rate
5.22%
Variable
Comparison rate*
5.36%
Monthly repayment
$1,376
Real Time Rating™

2.87 / 5

Compare
Premier Package Low Doc Fixed Rate Investment Loan (Principal and Interest) 2 Years
Advertised rate
4.19%
Fixed - 2 years
Comparison rate*
5.37%
Monthly repayment
$1,221
Real Time Rating™

2.82 / 5

Compare
Premier Package Low Doc Fixed Options Home Loan (Interest Only) 3 Years
Advertised rate
4.45%
Fixed - 3 years
Comparison rate*
5.38%
Monthly repayment
$1,259
Real Time Rating™

2.57 / 5

Compare
Accelerate Red Alt Doc Home Loan Promo (Principal and Interest) (Amounts < $2.5m, LVR < 65%)
Advertised rate
5.09%
Variable
Comparison rate*
5.38%
Monthly repayment
$1,356
Real Time Rating™

2.6 / 5

Compare
3 Year Special Economiser Investment Loan (Principal and Interest)
Advertised rate
4.97%
Intro 36 months
Comparison rate*
5.38%
Monthly repayment
$1,394
Real Time Rating™

2.7 / 5

Compare
Premier Package Low Doc Fixed Rate Investment Loan (Principal and Interest) 5 Years
Advertised rate
4.79%
Fixed - 5 years
Comparison rate*
5.39%
Monthly repayment
$1,310
Real Time Rating™

2.8 / 5

Compare
Premier Package Low Doc Fixed Options Home Loan (Interest Only) 3 Years ($150k-$1.5m, LVR < 60%)
Advertised rate
4.45%
Fixed - 3 years
Comparison rate*
5.40%
Monthly repayment
$1,259
Real Time Rating™

2.57 / 5

Compare
Low Doc Fixed Options Home Loan (Interest Only) 3 Years (LVR < 60%)
Advertised rate
4.65%
Fixed - 3 years
Comparison rate*
5.40%
Monthly repayment
$1,289
Real Time Rating™

2.42 / 5

Compare
Low Doc Fixed Options Home Loan (Interest Only) 3 Years (LVR 60%-80%)
Advertised rate
4.65%
Fixed - 3 years
Comparison rate*
5.40%
Monthly repayment
$1,289
Real Time Rating™

2.42 / 5

Compare
Premier Package Low Doc Rocket Repay Home Loan (Interest Only) ($250k-$500k)
Advertised rate
5.03%
Variable
Comparison rate*
5.40%
Monthly repayment
$1,347
Real Time Rating™

2.69 / 5

Compare
Premier Package Low Doc Fixed Rate Investment Loan (Principal and Interest) 4 Years
Advertised rate
4.79%
Fixed - 4 years
Comparison rate*
5.42%
Monthly repayment
$1,310
Real Time Rating™

2.7 / 5

Compare
Accelerate Prime Alt Doc Home Loan (Amounts $50k-$1m, LVR 75%-80%)
Advertised rate
5.24%
Variable
Comparison rate*
5.42%
Monthly repayment
$1,379
Real Time Rating™

2.47 / 5

Compare
Premier Package Low Doc Fixed Options Home Loan (Interest Only) 2 Years
Advertised rate
4.34%
Fixed - 2 years
Comparison rate*
5.43%
Monthly repayment
$1,243
Real Time Rating™

2.48 / 5

Compare
Pepper Essential Alt Doc Home Loan (Prime) (Principal and Interest) (LVR 65%-70%)
Advertised rate
5.24%
Variable
Comparison rate*
5.43%
Monthly repayment
$1,379
Real Time Rating™

2.55 / 5

Compare
Breakfree Package Fixed Rate Investment Loan (Principal and Interest) (Low Doc) 2 Years
Advertised rate
4.08%
Fixed - 2 years
Comparison rate*
5.45%
Monthly repayment
$1,205
Real Time Rating™

2.82 / 5

Compare
Premier Package Low Doc Fixed Options Home Loan (Interest Only) 2 Years ($150k-$1.5m, LVR < 60%)
Advertised rate
4.34%
Fixed - 2 years
Comparison rate*
5.45%
Monthly repayment
$1,243
Real Time Rating™

2.48 / 5

Compare
Low Doc Fixed Options Home Loan (Interest Only) 2 Years (LVR 60%-80%)
Advertised rate
4.54%
Fixed - 2 years
Comparison rate*
5.45%
Monthly repayment
$1,273
Real Time Rating™

2.32 / 5

Compare
Low Doc Fixed Options Home Loan (Interest Only) 2 Years (LVR < 60%)
Advertised rate
4.54%
Fixed - 2 years
Comparison rate*
5.45%
Monthly repayment
$1,273
Real Time Rating™

2.32 / 5

Compare
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No doc home loans

'No doc' home loans refer to a type of loan that requires no documentation to gain approval from the lender. For example, someone who is self-employed or works on a contract basis and has limited proof of income might find themselves with little or no appropriate documentation to apply for a home loan.

Some financial institutions will often refuse to lend to customers with low or no documentation as they are deemed to be ‘high-risk’. Fortunately however, some lenders specialise in this type of loan, providing viable options for anyone in this situation. It is often a requirement of these specialist lenders that an ABN is provided as proof of a registered business that the borrower owns.

As it is an increased risk for these lenders to take on customers who have no proof of income, you might be asked for a large deposit. It’s also likely you’ll be charged a higher interest rate offset this risk.

Low doc home loans

Low doc home loans are similar to no doc home loans except they do require people to provide some level of documentation before their home loan will be approved. Like the no doc home loan, customers who borrow money using this option will be considered high-risk borrowers as they will have limited proof of income.

As such, these loans generally charge higher interest rates and require larger deposits much like no doc loans. In some cases a lender may also require that the loan is secured against an asset of the borrower’s for extra security. This may be a property that they already own or a vehicle that the bank would repossess in the event that the mortgage repayments could not be made.

Choosing a no doc home loan

When choosing a home loan there are several important factors to consider. The interest rate offered by the lender should be taken into consideration as a high interest rate can add thousands to your loan that wouldn’t otherwise have to pay. As no doc home loans traditionally have high interest rates it will take some research of the market to find the best deal.

Aside from the interest rate, it is important to look at the other fees and expenses associated with the no doc home loan you are considering. An easy way of doing this is to look at the comparison rate of the home loan as this will give you a better idea of the overall cost of the loan inclusive of the interest rate and some fees.

Before committing to a home loan, it’s also important to find out what features are offered by the lender. For example, some loans offer a redraw or offset facility that may help reduce the amount of interest you pay over time.

FAQs

Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.

Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).

That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.

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