Self Employed and Non-Conforming

If you are self-employed you may have had trouble with the banks in the past when applying for a loan. With our LoDoc product you get a great home loan rate without the mountain of documents you usually need.

If you are unhappy with your existing lender or if you are simply looking for a better deal our LoDoc home loan may save you money in terms of interest rate and fees. If you are looking to consolidate a few debts or access some of the equity in your home we may be able to assist you by refinancing your existing debt.

Check out our LoDoc products right here.                       LoDoc Home or Investment Loan Product Sheet.              LoDoc Line of Credit Loan Product Sheet.

How can we assist?
We need the minimum of paperwork if you are applying for a new loan. You will only be required to sign a declaration of income form to confirm your self-employed income. This is suitable for you if you have been self-employed for over two years and have not finalised your financial accounts.

If you have satisfactory repayment and no arrears history for two years during your loan term with Centra Finance, we will reduce your rate to the standard variable rate after two years.

We can also help you with the changeover of an existing loan by contacting your current lender to arrange a payout figure and preparation of a discharge of your existing mortgage. We will require your written consent to do this, as well as signing any documents required by your existing lender.

We will need you to provide the last six months statements from your existing lender as proof of your existing debt and demonstration of your repayment ability. Don't worry if you have had a few minor defaults in the past, we may still have a home loan product to assist you.

We will require a valuation of your property, the cost of which you will be required to meet.

Miscellaneous Costs
You might have to pay early discharge fees or exit penalties to your existing lender. The level of fees may depend on the amount of your loan and the length of time you have had your existing loan. In the overall scheme of things, these extra costs may be more than covered in the longer term by a better interest rate and/or reduced fees we are able to offer.

Mortgage Stamp Duty
You will be required to pay mortgage stamp duty on the amount of the new loan. We will assist you to determine the amount.

If you have an existing loan, providing the name of the borrower and the property remain the same mortgage stamp duty on a refinanced home loan is generally exempt. However, if you increase the amount of the loan you will be required to pay mortgage stamp duty on the amount of the increase. We will assist you to determine your situation.

Accrued Interest
If you obtain a payout from your existing lender it will include all their costs to clear the existing loan, including accrued interest to the date of settlement. You will need to allow for the total amount when determining the amount of money you need to borrow.

Lenders Mortgage Insurance (LMI)
The LMI fee applies only when you borrow more than 60% of the property's value (on a low documentation loan), this covers the lender if for some reason you cannot repay your loan and the property is sold for less than the amount of the loan.

Building Insurance
Prior to settlement of your loan you will need to provide evidence that you property is suitably insured. In the case of a unit this will usually be insurance taken out by the Strata Plan.

What to do now

1.

If you are ready to proceed, check out our home loan products and select one that best suits you.

2.

Work out the amount you need to borrow and use our calculator to work out your repayments. You may need to contact your existing lender to determine the full amount required to refinance your debt, including any penalties you may have to pay.

3.

Apply for you Loan online or ring us and talk to one of our home loan Consultants to see if you qualify for a loan.

4.

If you do qualify for a loan we can arrange for one of our home loan Mobile Managers to visit you, at a time and place to suit you, to assist you to complete your application.
 

What you will need when our Mobile Manager calls.

When you apply, make sure you have the following items (we may ask for a few other things depending on your individual circumstances):

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Current six month loan statements from your existing lender

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Details of your current employment income information

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Details about your assets - their value and any income you get

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Details about your ongoing expenses and regular payments

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Information about the type of loan (our home loan consultants will help you if you are not sure)

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The amount you want to borrow.

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Copies of your identification eg. drivers licence, medicare card, passport or rates notice etc