These type of loans only need an income declaration signed by the borrower as proof of income to service the loan. Some lenders require proof of self employment by showing an ABN greater than 2 years old. Limits on borrow amounts apply with some lenders for this type of loan. Great for self employed people who haven't got up to date financials for their business.
A reverse mortgage is aimed at retired people who owe little or nothing on their current place of residence. Borrowing amounts increase depending on the age of the borrower, and no repayments need to be made on the loan as long as they continue to live in the home or both partners pass away. Most lenders maximum borrowing is 40% of the value of the property, ensuring ample funds to pay out the loan at the end and equity available for beneficiaries.
As the name suggest, this is a loan to knock down and build a home or make major renovations. Larger construction projects may fall into commercial / development lending areas.
Comercial loans are for warehouses, shop fronts, office space or other than residential zoned properties. Lo-doc commercial loans are available from some lenders, and a current lease may have to be in place also with some lenders.
A business loans is mainly for a well established franchise, where dependeing on the business, a portion of the business itself is held as security combined with other security such as cash, or other property.
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