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Bank 60%, 70% and 80% Low Doc Home Loan
60% LVR: 7.74% Variable, Fixed Rates available (1-5 Years)
70% LVR: 8.06% Variable, Fixed Rates NOT available
80% LVR: 7.74% Variable, Fixed Rates available (1-5 Years)
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DOES YOUR LENDER/BROKER PROVIDE YOU WITH THIS INFORMATION?
Our Fact Sheets provide in-depth information that is generally not available from any other source (INCLUDING the Lender).
They have been designed so that prospective borrowers have access to ALL of the information they need to make an informed
decision regarding the suitability of the loan to meet their requirements.
To properly evaluate a loan, we believe that full disclosure of the following information is critical to the decision making process:
- What are the loan features?
- How much will it cost to set up the loan?
- What are the interest rate options and ongoing fees?
- How much will it cost to discharge the loan?
- What documents will I need to supply to apply for this loan?
DOES YOUR LENDER/BROKER PROVIDE YOU WITH THIS INFORMATION?
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Features
FREE SERVICE - Rates, Costs and Fees are EXACTLY the same as if you had dealt with the bank direct.
Fixed Rate Loans also available.
NO BAS STATEMENTS, BANK STATEMENTS or TAX RETURNS required.
GST registered ABN for 2 years required (if Declared Income is more than $75,000).
PAYG Co-Applicants allowed (must provide full income proof).
Postcode restrictions apply - Call if Security property not in a major Town.
Minimum loan amount: $100,000.
Maximum loan amount:
60% LVR - $2,000,000.
70% LVR - $1,500,000 (if more than 1 Security property offered) else $1,000,000.
80% LVR - $1,000,000.
Cash Out Policy:
60% LVR - Unlimited, must state purpose (documentary evidence not normally required).
70% LVR - Unavailable UNLESS a Divorce Settlement or Property purchase (Bank will control funding).
80% LVR - Unavailable.
Refinance Policy:
60% LVR - Allowed with Cash Out and Debt Consolidation. Max of 3 debts for debt consolidation (inc Home Loan).
70% LVR - Allowed - existing Home Loans only - restricted Cash Out (see above).
80% LVR - Unavailable UNLESS property is unencumbered, then can get up to $100,000 (max LVR of 70%).
Multiple Securities for a loan acceptable (no limit).
Funds for declared business purposes OK (not Working Capital) to a maximum 20% of the loan.
Interest Ony: YES (up to 10 years).
Other: 100% Offset available (MUST be requested at initial Loan Application time). No monthly fees apply.
Extra Repayments allowed, Redraw (min $2,000-$50 fee: Offset Account FREE, no limits).
Access funds in the Offset portion via ATM, EFTPOS, Bank@Post, Internet & Phone Banking.
Land and Construction allowed (max of 2 dwellings on 1 Title for Construction).
Max land size of 10 ha (25 acres) - Rural Residential property OK (NOT "strictly" Rural). Must be in postcode areas 1 or 2.
Must have electricity and all weather road access. Water must be connected if property within town boundaries.
Multiple dwellings on a single Title allowed ("case by case").
General requirements for Units:
- Must be at least 50 sq m in size (excluding balconies/car parks).
- Must have at least 1 bedroom and must be separate (No Studio or Dual Key Apartments).
- Must be fully self - contained (kitchen, bathroom, laundry).
- Must provide off street parking for resident.
- Must not have on the premises any Short Term / Holiday letting Units.
Loan is portable, but simultaneous settlement required.
First Home Owners are allowed.
For Purchases, no Genuine Savings requirements up to 70% LVR. 20% Genuine Savings required over 70% LVR.
Companies and Trusts allowed (Unit and Discretionary - No Hybrid Trusts allowed).
If Unit Trust, ALL Unit Holders are to provide Guarantees.
Not suitable for applicants with
Bad Credit
Bad Credit refers to entries that have been recorded on your Credit Report
because you have not paid a bill following repeated requests from the Credit Provider
(commonly called a Default), or where a credit related matter has been formally placed before the Courts (Judgements and Court Writs).
Defaults often relate to unpaid Telco bills (telephones, mobile phones etc) as well as Utility bills (Electricity, Gas etc). Once an
entry has been recorded on your Credit Report, it can stay there for up to 7 years (regardless of whether you pay the outstanding amount
or not). Generally speaking, it is difficult to obtain Credit at favourable Terms if you have entries of this nature on your
Credit Report (particularly if the account has not been paid).
Note that being late with a bill payment or having an overdue account does not constitute Bad Credit. It is only a problem if it has
been formally recorded on your Credit Report (eg: placed with a debt collection agency).
As part of the Loans process, we usually check your Credit Report before we complete
formal paperwork. We will then discuss the results with you and advise you of your options if there are any matters of concern.
What is a
Credit Report
When you make a Credit Application with a Credit Provider (eg: a Bank, a Telephone company or for a Credit Card), the details of
your enquiry are logged in a Central Database (accessible, by Subscription only, over the Internet). If you do not pay an
outstanding account, then the Credit Provider can record this in the same Database (commonly called a Default). Most Credit
Providers will check your Credit Report before granting Credit. If there are adverse entries (Defaults, Judgements, Writs etc),
then your application for Credit MAY be declined (without reason).
Note that you have to give express permission to the Credit Provider before they can access your information.
This is usually done by signing a Privacy Authority included with the Credit Application Form. You are not required to grant permission
to the Lender to do this, but your Credit Application is unlikely to be approved without it.
The company that provides this service in Australia is Veda Advantage.
They are required (by law) to provide you with a copy of your Credit Report on request.
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NO EXCEPTIONS (regardless of size/age of Default).
Fees
Approximately $1,000 Lenders setup including valuation and legals.
No ongoing Monthly Fees.
LMI
Lenders Mortgage Insurance (or LMI) does not protect the borrower
in any shape or form. It is an insurance policy taken out by the Lender in case
you are late with your payments or default on the loan. If this occurs, then the
Mortgage Insurer will pay the lender the shortfall and will then
recover this amount from you. Mortgage insurance is normally payable by
borrowers on all loans with a Loan to Value ratio
LVR
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The LVR (Loan-to-Value-Ratio) describes how much you can borrow as a percentage of the value of the offered security property(s).
For example: You are offering 2 houses as security worth a combined $500,000. You wish to borrow $350,000 in total.
The LVR is 70% in this case ($350,000 divided by $500,000 times 100).
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exceeding 60% on Low Doc Loans. Mortgage Insurance is a
once-off cost and can often be added to the loan.
The premimum varies from Lender to Lender and will also depend on the amount being
borrowed and the
LVR
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The LVR (Loan-to-Value-Ratio) describes how much you can borrow as a percentage of the value of the offered security property(s).
For example: You are offering 2 houses as security worth a combined $500,000. You wish to borrow $350,000 in total.
The LVR is 70% in this case ($350,000 divided by $500,000 times 100).
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applies if LVR exceed 70%.
Construction Progess Fee of $200.
Discharge Fee: $495.
Other fees and charges may apply at the discretion of the Bank. For example:
- Where there are Companies/Trust/Guarantors.
- Where there is more than one Security property.
- Loan re-negotiation Fee.
Government stamp duties and other government charges may apply.
Paperwork you will need to provide to apply for this Loan
ALWAYS REQUIRED
Accountants Letter confirming declared income and that you can afford the repayments (we will supply).
100 point ID for each applicant (JP certified as True and Correct copies).
Copy of Trust Deed if Trust Borrower.
IF YOU ARE PURCHASING
Signed and dated Copy of the Contract of Sale.
Evidence that you have sufficient funds to cover the Deposit and Purchasing Costs (eg: Bank Statement).
If LVR exceeds 70%, Genuine Savings required (call for details).
IF YOU ARE REFINANCING
Latest Rates Notice(s) on the Property(s) being offered as Security.
Last SIX months Home Loan Statements on all Home Loans being refinanced. Latest statement CANNOT be older than
1 month. Some GENUINE bank statements are required (ie: cannot provide all statements as Internet printouts,
does not matter how old genuine statements are).
IF YOU ARE BUILDING
To enable the loan to be APPROVED - Copy of the Quote, Plans and Builders Specifications.
BEFORE Progress Payments can be made, we will need:
1. Copy of the signed and dated Fixed Price Building Contract from a Registered Builder.
2. Copy of Builders Registration.
3. Copy of STAMPED Council Approved Plans REDUCED to A4 size.
4. Construction Certificate (NSW) or Building Permit (VIC).
5. Builders Insurance (Certificate of Currency).
6. Builders Indemnity / Public Risk Insurance (minimum of $5m).
7. Slab Survey for NSW properties required prior to first payment drawdown.
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60% LOW DOC LOANS
BANK LOAN - 6.80% Variable (option to transfer to 6.60%+ after 2 years of good repayment conduct (rate could vary upwards by as much as 0.20% depending on amount borrowed and LVR)
BANK LOAN - Loans $500,000+: 6.54% to 75% LVR, 6.69% 75.01% to 80% LVR
Loans $250,000 to $499,999: 6.59% to 75% LVR, 6.69% 75.01% to 80% LVR
Loans to $250,000: 6.84% to 75% LVR, 6.94% 75.01% to 80% LVR
NON BANK LOAN - Max 60% LVR: 6.83% Variable (6.73% Variable for loans $500,000+)
BANK LOAN - 6.56% Variable for loans > $250,000 and lodged by 29 Feb 2012 - else 6.66%
BANK LOAN - 6.90% Variable for LVR's over 60% (Rates from 6.71% if LVR is 60% or under)
BANK LOAN - Rates From 6.76% Variable, Fixed Rates available (1-5 Years)
BANK LOAN - 7.70% Variable
BANK LOAN - 7.74% Variable, Fixed Rates available (1-5 Years)
NON BANK LOAN - Rates From 8.65% Variable
NON BANK LOAN - Rates From 8.59% Variable
NON BANK LOAN - Rates From 9.05% Variable, Fixed Rates available
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80% LOW DOC LOANS
BANK LOAN - 7.30% Variable (option to transfer to 6.60%+ after 2 years of good repayment conduct (rate could vary upwards by as much as 0.20% depending on amount borrowed and LVR)
BANK LOAN - Rates From 6.76% Variable, Fixed Rates available (1-5 Years)
BANK LOAN - $500,000 and above - 6.87% variable
$250,000 to $499,999 - 6.97% variable
Under $250,000 - 7.57% variable
BANK LOAN - 6.90% Variable for LVR's over 60% (Rates from 6.71% if LVR is 60% or under)
NON BANK LOAN - 60.01% to 80% LVR: 7.08% Variable (6.98% Variable for loans $500,000+)
BANK LOAN - 7.74% Variable, Fixed Rates available (1-5 Years)
NON BANK LOAN - Rates From 8.65% Variable
NON BANK LOAN - Rates From 8.59% Variable
NON BANK LOAN - Rates From 9.05% Variable, Fixed Rates available
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COMMERCIAL LOW DOC LOANS
BANK LOAN - Rates From 8.69% Variable, 7.79% Fixed 1 Year
NON BANK LOAN - Rates From 9.20% Variable, Fixed also available (call for current rates)
RESIDENTIAL AND COMMERCIAL CONSTRUCTION LOW DOC LOANS FOR DEVELOPERS
NON BANK LOAN - Rates From 10.20% Variable
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