Low Doc Loans can be used to refinance existing home loans at 80%, however they are harder to get approved due to the tightening of credit criteria by the banks.

As a guide the loan being refinanced should be a full document loan and if there are any extra funds being requested then the purpose of these extra funds must be clearly stated.

Full Doc Loan to Low Doc Loan at 80%

For 80% refinance low doc loans

Require:-

1. Income Declaration Form
2. BAS
3. No business trading statements
4. Six months current loan statements (including credit card statements) showing excellent repayment history (absolutely no over limit or missed payments)
5. Clean credit
6. Two years ABN
7. Registered for GST
8. The applicant must be clearly able to demonstrate capacity to repay the loan.

Low Doc Loan to Low Doc Loan at 80%

If the loan being refinanced is a low doc loan and you want to refinance to 80%, the purpose of the extra funds must be clearly explained. The applicant must be clearly able to demonstrate capacity to repay the loan.

Require

1. Income Declaration Form
2. BAS
3. Three months business trading statements
4. One months personal statements
5. Six months current home loan statements showing excellent repayment history (absolutely no over limit or missed payments)
6. Clean credit
7. Two years ABN
8. Registered for GST
9. 60 to 70% NO LMI charged to customer