So Money Alt Doc Loan Overview:

**1. What is an Alt Doc Loan?

• Alt Doc (Alternative Documentation) loans are designed for borrowers who might not meet the standard documentation requirements of traditional lenders. These are especially useful for self-employed individuals or those with irregular income.

**2. Key Features of So Money Alt Doc Loans:

• Simplified Documentation: Less stringent documentation requirements compared to full doc loans. Typically, this means providing alternative forms of income verification such as business bank statements, an accountant’s declaration, or BAS statements.
• Flexibility: Ideal for self-employed borrowers, freelancers, contractors, or those with unconventional income sources.
• Competitive Rates: While the interest rates might be slightly higher than standard loans due to the perceived higher risk, So Money aims to offer competitive rates within the alt doc loan market.
• Loan Purposes: Available for various purposes, including purchasing a home, refinancing an existing loan, or investing in property.

**3. Eligibility Criteria:

• Self-Employed Applicants: Typically need to be self-employed for a minimum of 6 months, although some products may require up to 24 months.
• Income Verification: Instead of traditional payslips or tax returns, applicants can use alternative documentation such as business bank statements, an accountant’s declaration, or BAS statements to verify income.
• Credit History: A good credit history is beneficial, but So Money might offer solutions even for those with some credit issues, depending on the overall profile.

**4. Documentation Requirements:

• Business Bank Statements: Usually 6 to 12 months of business bank statements to demonstrate consistent income flow.
• Accountant’s Declaration: A declaration from a registered accountant confirming the applicant’s income.
• BAS Statements: Business Activity Statements from the past year can be used to verify income.

**5. Loan Terms and Conditions:

• Loan Amounts: Varies based on the specific product and borrower profile.
• Loan-to-Value Ratio (LVR): Typically, alt doc loans may have a lower maximum LVR compared to full doc loans, often around 80%.
• Interest Rates: Generally higher than full documentation loans due to the increased risk associated with alternative documentation.

**6. Benefits of Choosing So Money for Alt Doc Loans:

• Specialized Products: Tailored solutions for borrowers who don’t fit the traditional lending criteria.
• Expertise: Experienced in handling alt doc loans, with a deep understanding of the unique needs of self-employed and non-traditional borrowers.
• Customer Support: Dedicated support to help guide borrowers through the application process and ensure all documentation is correctly provided.

For specific details, rates, and to see if you qualify, it’s best to contact So Money directly or speak with a mortgage broker who can provide personalized advice and assistance.