Find and compare no doc home loans

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Advertised Rate

3.39%

Variable

Comparison Rate*

3.59%

Company
Pepper
Repayment

$1,484

monthly

Features
Redraw facility
Offset Account
Borrow up to 85%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

2.03

/ 5
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More details
Advertised Rate

3.62%

Variable

Comparison Rate*

3.56%

Company
Resimac
Repayment

$905

monthly

Features
Redraw facility
Offset Account
Borrow up to 70%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.78

/ 5
Go to site
More details
Advertised Rate

4.02%

Variable

Comparison Rate*

3.96%

Company
Resimac
Repayment

$1,005

monthly

Features
Redraw facility
Offset Account
Borrow up to 80%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.78

/ 5
Go to site
More details
Advertised Rate

4.05%

Variable

Comparison Rate*

4.11%

Company
RESI Mortgage Corp
Repayment

$1,013

monthly

Features
Redraw facility
Offset Account
Borrow up to 60%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.95

/ 5
Go to site
More details
Advertised Rate

4.05%

Variable

Comparison Rate*

4.11%

Company
Yellow Brick Road
Repayment

$1,013

monthly

Features
Redraw facility
Offset Account
Borrow up to 60%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.95

/ 5
Go to site
More details
Advertised Rate

4.25%

Variable

Comparison Rate*

4.31%

Company
RESI Mortgage Corp
Repayment

$1,063

monthly

Features
Redraw facility
Offset Account
Borrow up to 80%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.95

/ 5
Go to site
More details
Advertised Rate

4.25%

Variable

Comparison Rate*

4.31%

Company
Yellow Brick Road
Repayment

$1,063

monthly

Features
Redraw facility
Offset Account
Borrow up to 80%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.95

/ 5
Go to site
More details
Advertised Rate

3.92%

Variable

Comparison Rate*

3.86%

Company
Resimac
Repayment

$980

monthly

Features
Redraw facility
Offset Account
Borrow up to 70%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.78

/ 5
Go to site
More details
Advertised Rate

4.10%

Variable

Comparison Rate*

4.16%

Company
RESI Mortgage Corp
Repayment

$1,025

monthly

Features
Redraw facility
Offset Account
Borrow up to 60%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.95

/ 5
Go to site
More details
Advertised Rate

4.10%

Variable

Comparison Rate*

4.16%

Company
Yellow Brick Road
Repayment

$1,025

monthly

Features
Redraw facility
Offset Account
Borrow up to 60%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.95

/ 5
Go to site
More details
Advertised Rate

4.32%

Variable

Comparison Rate*

4.26%

Company
Resimac
Repayment

$1,080

monthly

Features
Redraw facility
Offset Account
Borrow up to 80%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.78

/ 5
Go to site
More details
Advertised Rate

4.50%

Variable

Comparison Rate*

4.56%

Company
Yellow Brick Road
Repayment

$1,125

monthly

Features
Redraw facility
Offset Account
Borrow up to 80%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.95

/ 5
Go to site
More details
Advertised Rate

4.50%

Variable

Comparison Rate*

4.56%

Company
RESI Mortgage Corp
Repayment

$1,125

monthly

Features
Redraw facility
Offset Account
Borrow up to 80%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.95

/ 5
Go to site
More details
Advertised Rate

4.47%

Variable

Comparison Rate*

4.65%

Company
AlphaBeta Money
Repayment

$1,118

monthly

Features
Redraw facility
Offset Account
Borrow up to 70%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.84

/ 5
Go to site
More details
Advertised Rate

2.85%

Variable

Comparison Rate*

3.05%

Company
Pepper
Repayment

$1,399

monthly

Features
Redraw facility
Offset Account
Borrow up to 65%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

2.49

/ 5
Go to site
More details
Advertised Rate

2.85%

Variable

Comparison Rate*

3.05%

Company
Pepper
Repayment

$1,399

monthly

Features
Redraw facility
Offset Account
Borrow up to 70%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

2.49

/ 5
Go to site
More details
Advertised Rate

2.99%

Variable

Comparison Rate*

3.19%

Company
Pepper
Repayment

$1,421

monthly

Features
Redraw facility
Offset Account
Borrow up to 75%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

2.16

/ 5
Go to site
More details
Advertised Rate

3.09%

Variable

Comparison Rate*

3.29%

Company
Pepper
Repayment

$1,437

monthly

Features
Redraw facility
Offset Account
Borrow up to 80%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

2.03

/ 5
Go to site
More details
Advertised Rate

3.47%

Variable

Comparison Rate*

3.51%

Company
Resimac
Repayment

$1,497

monthly

Features
Redraw facility
Offset Account
Borrow up to 70%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.78

/ 5
Go to site
More details
Advertised Rate

3.35%

Variable

Comparison Rate*

3.55%

Company
Pepper
Repayment

$1,478

monthly

Features
Redraw facility
Offset Account
Borrow up to 65%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

2.03

/ 5
Go to site
More details

Learn more about home loans

As the name suggests, a no-doc home loan is a home loan that requires no proof of income documentation. When you apply for a standard home loan, you’ll usually need to provide proof of income and employment and may also have to include tax returns and payslips with your application. With a no-doc home loan, you may not need to provide any of these documents to apply for a home loan.

While this sounds like an incredibly fast and convenient way to apply for a loan, it’s not the case. Given the high risk these loans carry, no-doc home loans are rare in Australia and are generally not offered by many banks or credit unions. In Australia, no-doc home loans aren’t common, and low-doc home loans are usually offered as an option for self-employed borrowers who don’t have traditional proof of income.

What is a no-doc home loan?

Regular home loans usually require the borrower to provide full documentation proving their income, employment and ability to pay the loan back. No-doc loans don’t require the borrower to provide as much financial documentation when applying for a home loan.

For self-employed borrowers who don’t have access to regular PAYG payslips, applying for a home loan can be a challenge. This may also be the case for freelancers, investors, contractors or those who have recently started a small business and have access to very limited financial documentation.

While most financial institutions don’t provide home loans to customers with no financial documentation, there are some lenders that do offer no-doc home loans. Each lender will have their own conditions, but no-doc borrowers will usually need to provide an ABN showing proof that they own a registered business.

Where low-doc home loans usually require the borrower to provide tax returns, BAS statements and an accountant’s letter, no-doc home loans don’t require any of this documentation. In lieu of financial documents, when you apply for a no-doc home loan, you still have to sign a statement of your assets and liabilities or a declaration that confirms you can afford to service the loan.

As no-doc home loans pose a greater risk, some lenders may impose additional conditions onto the loan and insist that the loan is secured by a commercial property and be in the name of a company or trust with an ABN.

Depending on the type of no-doc loan you apply for, you may only be able to use the funds to purchase an investment property, and the lender may impose restrictions on the type of property you can use the loan for.

As there is no documentation or proof of income to back up the loan, the actual security is all the lender has to mitigate the risk. For this reason, no-doc loans aren’t widely available, and lenders that do offer no-doc home loans tend to have much tighter conditions.

Given the lack of financial documentation, no-doc home loans carry a greater risk to the lender. To offset the risk, no-doc home loans usually have higher interest rates and fees and may also require a larger deposit.

Alternatives to no-doc home loans

None of the major Australian financial institutions offer no-doc home loans, although there may be some smaller private lenders in the market who do offer no-doc home loans. If you opt for a no-doc home loan from a smaller lender, always do your research to make sure you’re getting a good deal from a lender you can trust.

As low-doc home loans are more easily accessible and there are a wide range of lenders offering low-doc home loans, this may be a better option for borrowers with limited financial documentation.

Low-doc home loans are similar to no-doc home loans except they require people to provide some level of documentation before their home loan is approved. Like the no-doc home loan, customers who borrow money using this option will be considered higher-risk borrowers as they have limited proof of income.

As such, these loans generally charge higher interest rates and require larger deposits, much like no-doc loans. In some cases, a lender may also require that the loan is secured against an asset of the borrower’s for extra security. This may be a property that they already own or a vehicle that the bank would repossess if the mortgage repayments could not be made.

How to compare no-doc home loans

When choosing a home loan, there are several important factors to consider. The interest rate offered by the lender should be taken into consideration as a high-interest rate can add thousands of dollars to your loan that you wouldn’t otherwise have to pay. As no-doc home loans traditionally have high interest rates, it might take considerable research to find the best deal.

Aside from the interest rate, it’s important to look at the other fees and expenses associated with the no-doc home loan you’re considering. An easy way of doing this is to look at the comparison rate of the home loan, as this will give you a better idea of the overall cost of the loan, inclusive of the interest rate and some fees.

No-doc loans tend to have stricter loan-to-value ratio (LVR) requirements, meaning that you’ll probably need to put down a larger deposit. Due to the risky nature of no-doc home loans, you won’t be able to borrow as much as you would with a low-doc or standard home. Take note of the different LVR options when comparing loans to ensure the no-doc home loan still suits your budget.

Another feature to compare is repayment frequency. If you’re self-employed or a freelance contract worker, you may want a no-doc home loan that lets you choose between making your repayments weekly, fortnightly or monthly.

Before committing to a home loan, it’s also important to find out what features are offered by the lender. For example, some loans offer a redraw or offset facility that may help reduce the amount of interest you pay over time.

How do I apply for a no-doc home loan?

Each no-doc home loan lender will have its own lending criteria and application process. If you’re self-employed, in some cases you may need to provide an ABN to prove you own the business. You may also need to provide a letter from your accountant certifying you can afford to make the no-doc home loan repayments.

Before you decide on a no-doc home loan, consider your low-doc home loan options first. Low-doc home loans require less documentation than standard home loans and tend to have lower interest rates and fewer fees and conditions than no-doc home loans.

Regardless of whether you choose a low-doc home loan or a no-doc home loan, make sure you do your research and compare your options.

Applying for a home loan is a big decision, so before you choose a lender or a loan, make sure you’ve got the bigger picture. Take into the account the costs, fees and your personal situation over the life of the loan.

Frequently asked questions

Who has the best home loan?

Determining who has the ‘best’ home loan really does depend on your own personal circumstances and requirements. It may be tempting to judge a loan merely on the interest rate but there can be added value in the extras on offer, such as offset and redraw facilities, that aren’t available with all low rate loans.

To determine which loan is the best for you, think about whether you would prefer the consistency of a fixed loan or the flexibility and potential benefits of a variable loan. Then determine which features will be necessary throughout the life of your loan. Thirdly, consider how much you are willing to pay in fees for the loan you want. Once you find the perfect combination of these three elements you are on your way to determining the best loan for you. 

How can I get a home loan with bad credit?

If you want to get a home loan with bad credit, you need to convince a lender that your problems are behind you and that you will, indeed, be able to repay a mortgage.

One step you might want to take is to visit a mortgage broker who specialises in bad credit home loans (also known as ‘non-conforming home loans’ or ‘sub-prime home loans’). An experienced broker will know which lenders to approach, and how to plead your case with each of them.

Two points to bear in mind are:

  • Many home loan lenders don’t provide bad credit mortgages
  • Each lender has its own policies, and therefore favours different things

If you’d prefer to directly approach the lender yourself, you’re more likely to find success with smaller non-bank lenders that specialise in bad credit home loans (as opposed to bigger banks that prefer ‘vanilla’ mortgages). That’s because these smaller lenders are more likely to treat you as a unique individual rather than judge you according to a one-size-fits-all policy.

Lenders try to minimise their risk, so if you want to get a home loan with bad credit, you need to do everything you can to convince lenders that you’re safer than your credit history might suggest. If possible, provide paperwork that shows:

  • You have a secure job
  • You have a steady income
  • You’ve been reducing your debts
  • You’ve been increasing your savings

Monthly Repayment

Your current monthly home loan repayment. To accurately calculate how much you could save, an accurate payment figure is required. If you are not certain, check your bank statement.

Savings over

Select a number of years to see how much money you can save with different home loans over time.

e.g. To see how much you could save in two years by switching mortgages,  set the slider to 2.

How can I get ANZ home loan pre-approval?

Shopping for a new home is an exciting experience and getting a pre-approval on the loan may give you the peace of mind that you are looking at properties within your budget. 

At the time of applying for the ANZ Bank home loan pre-approval, you will be required to provide proof of employment and income, along with records of your savings and debts.

An ANZ home loan pre-approval time frame is usually up to three months. However, being pre-approved doesn’t necessarily mean you will get your home loan. Other factors could lead to your home loan application being rejected, even with a prior pre-approval. Some factors include the property evaluation not meeting the bank’s criteria or a change in your financial circumstances.

You can make an application for ANZ home loan pre-approval online or call on 1800100641 Mon-Fri 8.00 am to 8.00 pm (AEST).

Interest Rate

Your current home loan interest rate. To accurately calculate how much you could save, an accurate interest figure is required. If you are not certain, check your bank statement or log into your mortgage account.

How do I refinance my home loan?

Refinancing your home loan can involve a bit of paperwork but if you are moving on to a lower rate, it can save you thousands of dollars in the long-run. The first step is finding another loan on the market that you think will save you money over time or offer features that your current loan does not have. Once you have selected a couple of loans you are interested in, compare them with your current loan to see if you will save money in the long term on interest rates and fees. Remember to factor in any break fees and set up fees when assessing the cost of switching.

Once you have decided on a new loan it is simply a matter of contacting your existing and future lender to get the new loan set up. Beware that some lenders will revert your loan back to a 25 or 30 year term when you refinance which may mean initial lower repayments but may cost you more in the long run.

Are bad credit home loans dangerous?

Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.

Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).

That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.

How do I take out a low-deposit home loan?

If you want to take out a low-deposit home loan, it might be a good idea to consult a mortgage broker who can give you professional financial advice and organise the mortgage for you.

Another way to take out a low-deposit home loan is to do your own research with a comparison website like RateCity. Once you’ve identified your preferred mortgage, you can apply through RateCity or go direct to the lender.

How can I pay off my home loan faster?

The quickest way to pay off your home loan is to make regular extra contributions in addition to your monthly repayments to pay down the principal as fast as possible. This in turn reduces the amount of interest paid overall and shortens the length of the loan.

Another option may be to increase the frequency of your payments to fortnightly or weekly, rather than monthly, which may then reduce the amount of interest you are charged, depending on how your lender calculates repayments.

How will Real Time Ratings help me find a new home loan?

The home loan market is complex. With almost 4,000 different loans on offer, it’s becoming increasingly difficult to work out which loans work for you.

That’s where Real Time RatingsTM can help. Our system automatically filters out loans that don’t fit your requirements and ranks the remaining loans based on your individual loan requirements and preferences.

Best of all, the ratings are calculated in real time so you know you’re getting the most current information.

What is a bad credit home loan?

A bad credit home loan is a mortgage for people with a low credit score. Lenders regard bad credit borrowers as riskier than ‘vanilla’ borrowers, so they tend to charge higher interest rates for bad credit home loans.

If you want a bad credit home loan, you’re more likely to get approved by a small non-bank lender than by a big four bank or another mainstream lender.

What are the pros and cons of no-deposit home loans?

It’s no longer possible to get a no-deposit home loan in Australia. In some circumstances, you might be able to take out a mortgage with a 5 per cent deposit – but before you do so, it’s important to weigh up the pros and cons.

The big advantage of borrowing 95 per cent (also known as a 95 per cent home loan) is that you get to buy your property sooner. That may be particularly important if you plan to purchase in a rising market, where prices are increasing faster than you can accumulate savings.

But 95 per cent home loans also have disadvantages. First, the 95 per cent home loan market is relatively small, so you’ll have fewer options to choose from. Second, you’ll probably have to pay LMI (lender’s mortgage insurance). Third, you’ll probably be charged a higher interest rate. Fourth, the more you borrow, the more you’ll ultimately have to pay in interest. Fifth, if your property declines in value, your mortgage might end up being worth more than your home.

Mortgage Balance

The amount you currently owe your mortgage lender. If you are not sure, enter your best estimate.

Remaining loan term

The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.

How personalised is my rating?

Real Time Ratings produces instant scores for loan products and updates them based what you tell us about what you’re looking for in a loan. In that sense, we believe the ratings are as close as you get to personalised; the more you tell us, the more we customise to ratings to your needs. Some borrowers value flexibility, while others want the lowest cost loan. Your preferences will be reflected in the rating. 

We also take a shorter term, more realistic view of how long borrowers hold onto their loan, which gives you a better idea about the true borrowing costs. We take your loan details and calculate how much each of the relevent loans would cost you on average each month over the next five years. We assess the overall flexibility of each loan and give you an easy indication of which ones are likely to adjust to your needs over time. 

Do other comparison sites offer the same service?

Real Time RatingsTM is the only online system that ranks the home loan market based on your personal borrowing preferences. Until now, home loans have been rated based on outdated data. Our system is unique because it reacts to changes as soon as we update our database.

How does Real Time Ratings work?

Real Time RatingsTM looks at your individual home loan requirements and uses this information to rank every applicable home loan in our database out of five.

This score is based on two main factors – cost and flexibility.

Cost is calculated by looking at the interest rates and fees over the first five years of the loan.

Flexibility is based on whether a loan offers features such as an offset account, redraw facility and extra repayments.

Real Time RatingsTM also includes the following assumptions:

  • Costs are calculated on the current variable rate however they could change in the future.
  • Loans are assumed to be principal and interest
  • Fixed-rate loans with terms greater than five years are still assessed on a five-year basis, so 10-year fixed loans are assessed as being only five years’ long.
  • Break costs are not included.

What fees are there when buying a house?

Buying a home comes with ‘hidden fees’ that should be factored in when considering how much the total cost of your new home will be. These can include stamp duty, title registration costs, building inspection fees, loan establishment fee, lenders mortgage insurance (LMI), legal fees and bank valuation costs.

Tip: you can calculate your stamp duty costs as well as LMI in Rate City mortgage repayments calculator

Some of these fees can be taken out of the mix, such as LMI, if you have a big enough deposit or by asking your lender to waive establishment fees for your loan. Even so, fees can run into the thousands of dollars on top of the purchase price.

Keep this in mind when deciding if you are ready to make the move in to the property market.

What is the flexibility score?

Today’s home loans often try to lure borrowers with a range of flexible features, including offset accounts, redraw facilities, repayment frequency options, repayment holidays, split loan options and portability. Real Time Ratings™ weights each of these features based on popularity and gives loans a ‘flexibility score’ based on how much they cater to borrowers’ needs over time. The aim is to give a higher score to loans which give borrowers more features and options.