Income declaration

Income declaration

Income declaration is necessary in order to obtain a low doc loanAll lenders require you to provide them with an income declaration in order to approve a low doc loan, particularly if it is used to purchase a property. This must also be in conjunction with other documentation such as a Business Activity Statements (BAS) or an ?accountants letter.

Banks which offer no doc loans, do not request an income declaration, however as of January 2011, the NCCP comes into affect making it obligatory to request a declaration.

What is involved?

You will usually be required to state your income. There is no need to provide evidence of earnings. However, for some lenders it is necessary that you state your assets and liabilities.

For an example of an income declaration form, please see the link.

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Getting approval for a low doc loan is now simple and requires minimal documentation. To find out more information speak to one of our specialist brokers today!