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Alt Doc Loans

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Alt Doc Loans Melbourne

An Alt Doc (alternative documentation) loan is often one of the best options for time-poor business owners or self-employed workers who may not have the necessary paperwork available to apply for a regular loan.

If you’re having trouble getting payslips or up-to-date tax returns, especially if you are self-employed, an alt doc home loan may be easier for you to get than a regular loan.

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What Is An Alt Doc Loan?

Alt Doc (alternative documentation) loan is similar to a regular loan in that you still have access to similar rates and loan types. Where it differs is in the savings in time trying to find all the paperwork. All you need for an alt doc loan is signed privacy form, the application form and proof of identification.

Alt doc loans can be used to buy all sorts of vehicles and equipment so long as what you are borrowing for is deemed Fit for Purpose – that is, it is necessary to the business and will only be used for that purpose.

$200,000 is the maximum loan available for an alt doc loan.

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What Do I Need For An Alt Doc Loan?

Various alt doc lenders ask for different information. If you are a sole trader, involved with a business partnership or your business is set up as a trust or as a Pty Ltd and you have a clean credit history, there is usually an alt doc loan available to suit your circumstances.

Here is MDM Finance’s checklist for alt doc loan:

9
ABN registered for at least 12 months
9
GST registration not necessary
9
Buy vehicle or equipment from a dealer or privately
9
Provide deposit, or property or asset as security.
As mortgage brokers, we are in the best position to assist you, particularly if you are self-employed. Alt doc loans which require a Statutory Declaration of income and Accountant’s letter, rather than tax returns, can benefit some borrowers. If you are using more than 60% of a property value as collateral, beware that Lenders Mortgage Insurance (LMI) may apply.
Ask our advice for the type and amount of borrowing you would like to apply for.

Does MDM Finance Offer a ‘No Doc’ Loan?

Sadly, no. As a responsible lender, we have a duty of care to you as our customer.
MDM Finance complies strictly with the regulations prescribed by the National Consumer Credit Protection Act (NCCP).
This means you must provide evidence that you are who you say you are, and of being able to pay the loan on time.

One of the most precious assets in business is time. So why not let MDM Finance save you time by helping you apply for an alt Doc loan! It could be one of the best business decisions you ever make.

Contact us today for advice and to apply for an Alt Doc Loan

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