The Low Doc Home Loan Package from AMP can help self-employed borrowers secure a home loan without worrying about a lack of documentation.
Loan no longer available
AMP are no longer offering the Low Doc Home Loan as part of its suite of home loan products.
AMP’s Low Doc Home Loan Package helps those of you who are self-employed secure a home loan even if you don’t have the paperwork other lenders require. This home loan allows you to self-certify your income instead of providing financial documents such as payslips, which you won’t necessarily have as a self-employed person.
With this home loan you can borrow as much as of the full value of your home. You can also choose how you’d like to structure the interest rates (fixed or variable) and the lender’s mortgage insurance (necessary for loans over of the property value) on the loan to best fit your financial situation. There is also a 100% offset available to help you save on interest charges.
Things to consider about the AMP Low Doc Home Loan Package
The AMP Low Doc Home Loan Package is meant to be used by self-employed individuals for the purpose of securing a low doc home loan. The loan is only available to those who have been self-employed for two years or more and who don’t have the financial records that regular employees have. Since you can structure the loan to your desire in regards to interest rates and mortgage insurance, it’s suitable for first-time buyers as well.
Features of the AMP Low Doc Home Loan Package
- Loan amounts and terms. With the Low Doc Package you can borrow up to of the value of your home and choose between fixed or variable rate loans. There's a maximum term of years with this loan.
- Flexible repayments. AMP allows you to make additional repayments on your loan in order to pay it off quicker than you would with the standard scheduled payments. You can also used the attached redraw facility to get these repayments back in the event that you need the funds for any emergencies.
- 100% offset account option. This is a feature that can help you pay off your loan quicker than usual, allowing you to reduce the amount of the interest you’re paying on your loan. This option is only available if you choose the variable rate option instead of the fixed rate option when you first structure your loan.
Fees you can avoid
- Mortgage insurance. This is only payable if you borrow more than of the home’s value.
- Early replacement fees. This fee is only charged if you choose a fixed interest rate loan and you pay all or part of your loan during your fixed rate period. By choosing the variable rate or managing your repayments properly, you can easily avoid this fee.
- Account-keeping fees. There are no account-keeping fees when you choose the variable rate option for your home loan.
Fees you can’t avoid
- Application fee: . This is applied to all AMP Low Doc Home Loans.
- Settlement fee: . This is also applied to all of the loan options.
- Annual fee: . This fee is payable at settlement and on each anniversary date of your home loan.
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How to apply for the AMP Low Doc Home Loan Package
Before applying for any home loan it’s important to make sure that you are eligible for the loan:
- Self-employed status. Low Doc Home Loans are made for those who are self-employed since they don’t require the normal income documents like payslips. While the AMP Low Doc Home Loan Package is open to self-employed individuals, you are required to have been self-employed for at least two years.
- Age and residency. To apply for this loan you have to be at least 18 years old. You also have to be an Australian resident with a valid Australian address.
What documents would I need to supply if I wanted to apply?
In order to make the application process run smoothly, it is recommended that you gather the following information and documentation in advance:
- Self-verification statement. You don’t need proof of your income as a self-employed individual but you will have to sign a statement that verifies that you earn the amount you state.
- Proof of identity. You’ll need to provide proper identification to verify your age and your address. A valid Australian driver’s licence or passport will suffice.
When you apply for any home loan, it’s important that you compare all of your available options before sending in any applications. This will ensure that the loan you pick will give you the most fitting rates, fees, loan terms and additional features for your financial situation.