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What is the Low Doc Commercial Loans in Australia?

  • Low doc commercial loans provide business’s working capital in the absence of significant documents often used as verification
  • There documents may include financial statements, sources of income verification or even tax return statements
  • In short, it involves a loan that is approvable even with low volume of ‘verifying’ documents
  • Suitable to new entrepreneurs, self-employed people, and constructors/builders.

The traditional bank loan has lost a great deal of ground with the introduction of low doc loans in recent years. This is probably due to the fact that the traditional standards of banks are becoming more challenging to meet.

Low doc loans means that borrowers can receive money without needing to provide lots of documentation. In fact, people opting for traditional loans may find themselves rejected because some documents are missing.

This article will provide information to the various ‘frequently asked questions’ regarding low doc loans. The information helps people learn about low doc loans, how they operate, and what purpose they serve.

What is a LVR?

The LVR refers to loan-to-value ratios, representing the amount you can borrow against the chosen property. The LVR is a specific percentage of the property value, and if you are fortunate, you can borrow approximately 80% of the home.

The higher the property value, the more considerable the amount you can borrow. Be cautious because you could land up with a lien on the property if you have errors in the application. A loan will not be useful in this situation.

How does a low doc loan works?

  • Low doc business loans are designed for business owners that find it difficult or do not have enough time to provide sufficient document in order to qualify for a business loan
  • These loans can be used to meet both short term and long term business goals

Low doc business loan features & benefits

Features
Benefits
- Collateral not required
- Long term and short term validity
- Flexible and tailored to fit the borrower's
- Accessibility to additional funds - line of credit and redrawing facilities
- Adjustable repayment
- Less risky on borrower's end
- Low doc loans are versatile and can be used for many purposes
- The absence of documents means approval and transfer of funds is quick
- Borrower can attend needs without compromising other aspect of operations
- Collateral is optional - prevents risk of losing a collateral from borrower's end
- Loan is available at economical rate - focus is principal amount not the interest owing

How to get a low doc loan?

With Maxiron Capital, you can get a low doc business loan within three simple steps -

Step 1

Fill out our pre-approval form - it takes only 5 minutes!

Step 2

Receive an immediate decision - upload a few documents for verification

Step 3

Receive your funds in as quick as 1 working day

Why Maxiron Capital?

The low doc loan is a beneficial option for business owners, but it can be tiresome unless you understand the concept. Furthermore, if you require a low doc loan and quickly, it is recommended you use professional services like Maxiron Capital. While low doc loans are accepted readily, it is significant that you review any potentially damaging consequences once you have taken the loan. A credit score can plummet if there are errors, and it is near impossible to regain money to move a bad score back on track.

Regardless of what your past credit report might look like, our Low Doc Commercial Loans are available to all eligible Australian individuals. Here at Maxiron Capital, we understand that starting a business is not an easy task, and thus we are invested in helping them with their current situations.

We provide one of the most competitive rates within the industry, offering as low as 1% per month and also offer a line of credit as well as redrawing facilities for quick access to loan funds. Last but not least, our loan terms are very flexible and have been tailored with our customers in mind, hence, adjustments are easy to make as per the comfort of the borrower.

FAQs about the low doc commercial loans

  • How does low doc loan work?

    It works the same as your ordinary business loan, with the exception that it doesn’t require significant documentation commonly used to determine one’s financial background. These are ideal for businesses that find difficulty to provide traditional banks with relevant financials.

  • Are there any restrictions as to how a low doc loan can be used?

    There are no limits as to how your business chooses to use the received loans. Be it restocking supplies, covering unexpected costs or expanding your business, you can use the loans to your heart’s content.

  • Can I access a low doc line of credit?

    Yes. A low doc business line of credit will be made to our clients. Fundamentally, it works the same way as a low doc loan, clients can access their line of credit hassle-free, without needing to provide extensive documentation.

  • Can you apply for a low doc loan as a self-employed individual?

    Yes, it is possible to apply for a low doc loan as a self-employed individual. In fact, low doc loans are available exclusively to the self-employed. This is because self-employed workers find it difficult to provide all the documents required in a traditional loan.

    The low doc loan is offered by lenders who do not care about documentation as much as conventional banks. The only essential document is proof that you can repay the loan; however, this could be a simple declaration written down.

  • Is my credit score important?

    While the credit score is not as significant for low doc loans compared to traditional loans, it does still hold importance. A person’s credit history can also make the difference between acceptance or rejection of the low doc loan.

    If you present several ‘bad marks’ in your credit history, the lender may not be willing to give you a loan. Before making applications, it is recommended that you check your credit history for errors or items that could result in a low score.

    If there are problems with the application process, you can attempt to explain to the lender why your credit score is low.

  • Is it possible to buy a home using a low doc loan?

    It is possible to obtain a mortgage even if you cannot prove income using the traditional methods. Of course, this is not something you should consider doing without speaking with advisors first.

    There are various packages available from which to choose, and it is best that you work with experts in the field to ensure you select the most suitable when you need a loan. We can assist you through the low doc loan process securely and simply.