Get a home loan even if you’re self-employed and have bad credit
Collins Home Loans now a mortgage broker
Collins Securities has rebranded themselves as Collins Home Loans and no longer offers home loan products directly but still offers great advice and home loan options for all Australians.
The Collins Securities Specialist Variable Low Doc Home Loan is designed for borrowers looking to buy a home or investment property but who aren’t able to provide the documents needed to be approved for a regular home loan application, and who also have bad credit.
Customers with irregular income such as business owners, investors or freelancers can access the financing they need to make owning a home a reality without proof of income or other financial documents required on regular loans. If you have a less-than-ideal credit history due to bad repayment histories, Collins Securities can still offer you a loan.
This loan does not carry the additional features that come with an offset or line of credit loan but it has a flexible structure, a loan term of up to 30 years and a competitive variable rate. The loan is suited for the purchase of a home, refinancing of another home loan or investment and construction.
Things to consider about the Collins Securities Specialist Variable Low Doc Home Loan
The Collins Securities Specialist Variable Low Doc Home Loan offers fewer features than other home loans, but it also requires less financial documents for approval. You do not require an accountant’s declaration or BAS when applying, but you have to prove that GST has been registered for at least 12 months.
The loan carries a competitive variable interest and principal and comes with online account management and additional repayments. However, you will have to do without a cheque-book or offset account as this is a low-feature home loan.
Features of the Collins Securities Specialist Variable Low Doc Home Loan
- Loan amount and term. The Collins Securities Specialist Variable Low Doc Home Loan allows you to borrow up to Loan-to-Value Ratio (LVR) for a term of up to years. The minimum loan size you can borrow is and the maximum is .
- Repayment options. You are allowed to make weekly, fortnightly or monthly payments on your home loan. You can also opt for interest-only repayments for a period of between one to five years.
- Redraw facility. You can make additional repayments at any time and redraw the funds should you require them in future. All online redraws are free.
- Accessibility. You can access your Collins Securities Specialist Variable Low Doc Home Loan at any time through its online account management feature. The loan also offers Debit Card access via ATM and EFTPOS.
Fees you can avoid
- Early repayment fees. You can make additional repayments on a Collins Securities Specialist Variable Low Doc Home Loan without having to pay any penalties.
- Loan processing fees. There are no such fees on this home loan.
- Annual fees. Since this is a low feature loan with no credit facility or offset account, the bank does not charge any annual fees on it.
Fees you can’t avoid
- Application fee. . The home loan has a application fee that covers the documentation of the loan. This is a one-off fee.
- Settlement fee. . This fee is usually paid once the repayment of a home loan is complete. With the Collins Securities Specialist Variable Low Doc Home Loan, this fee is waived.
- Title insurance fee. .
How to apply for the Collins Securities Specialist Variable Low Doc Home Loan
You can apply for the Collins Securities Specialist Variable Low Doc Home Loan by filling in the form on this page. Please note that you are required to fulfil the following eligibility requirements so as to be approved for the loan:
- You must be at least 18 years or above.
- Be an Australian Citizen.
- Registered for GST if your declared income is over $75,000 p.a.
The following documents will also be required :
- Personal Information. Your name, address and contacts information.
- Financial details. Proof of income, including tax returns and business income information.
The Collins Securities Specialist Variable Low Doc Home Loan is competitively priced and offers a flexible long term principal and interest structured loan. Read more on the loan here and compare it to similar products to find one that meets your investment needs today.