No Doc Loans
Residential No Doc Loans are only available for company applicants and they must have clean credit.
The applicant must have a strong net asset position and the security property must be located in a major metropolitan area.
No Doc Loans are not regulated under the NCCP however lenders need to consider other provisions such as :
• “unconscionable conduct” (ASIC Act)
• state based law: e.g. Contracts Review Act (NSW) and
• general law principles of special disadvantage (language or age)
No Doc loans are for established investors who must have a strong position.