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Non Bank 60% and 80% Low Doc Home Loan
Max 60% LVR: 6.83% Variable (6.73% Variable for loans $500,000+) 60.01% to 80% LVR: 7.08% Variable (6.98% Variable for loans $500,000+)
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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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Product Highlights
FREE SERVICE - Rates, Costs and Fees are EXACTLY the same as if you had dealt with the Lender direct.
Suitable for any residential loan (purchase or refinance). Commercial property loans excluded.
Usually a minimum of 1 year ABN is required for up to 60% LVR and a minimum of 2 years ABN for up to 80% LVR.
Secondary Borrower can be PAYG employed. No need for self employed borrower to earn the majority of income.
Companies, Unit Trusts and Family Discretionary Trusts are allowed (Hybrid Trusts are NOT allowed).
Minimum loan amount of $250,000.
Maximum loan amount of $1,500,000 to 60%
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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(selected Postcodes).
12 months BAS statements required if loan amount is over $1,000,000.
Maximum loan amount of $1,000,000 to 80%
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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(selected Postcodes).
Click Here for Category postcode listings.
Maximum exposure per Borrower: $2,000,000.
Maximum 1 dwelling (duplex ok) on a single title. Multiple dwellings on a single title requires approval.
Note: Valuations do not take into account pending sub-divisions.
CANNOT add
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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premium to loan (maximum lend is 80% including LMI).
Access to a Nationwide Bank network.
An 'Owner Builder' is acceptable if the 'Owner Builder' enters into a Fixed Price Building Contract with THEIR
registered building company e.g. the 'Owner Builder' cannot be a sole trader.
Must be completed within 12 months of authority being issued.
Land loans allowed (no requirement to Build).
Maximum land size of 10ha (25 acres).
Residential, Rural Residential and Rural zoning accepted. The security must be accessible via an all weather road
and connected water (town/bore) and power. Tank water may be considered.
Loan is portable (simultaneous settlement required where
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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is involved to avoid new premium).
First Home Owners are allowed, however the 20% deposit can not include the FHOG.
Pre-Approvals valid for 3 months.
Where the LVR does not exceed 60%, "Cash Out" is unlimited.
Where the LVR is over 60% and below 80%, "Cash Out" is available but restrictions apply as follows:
- 1) Cash out is limited to $10,000 without providing evidence of purpose (stated purpose only).
- 2) Cash out is limited to $75,000 for Personal Investment (Share Purchase) subject to:
- Provision of Stat Dec from all Borrowers confirming their intent to purchase investmentss and that they
understand the risks associated with such a strategy
OR
- Provision of a detailed Financial Plan that has been drawn up for the Borrower
- 3) Cash out is limited to $75,000 for Cars, Home Improvements etc but Quotes/Invoices must be provided.
- 4) Cash out is limited to $75,000 for the purchase of another property (when it is NOT being used as security).
EXCEPTIONS:
- a) Costs of renovations where the Lender controls payment to the Builder are excluded for Cash Out purposes.
- b) Refinancing of other Institutions Debts are not counted as "cash out" (Statements are required and Lender
will control disbursement of funds at Settlement).
- c) When a property being purchased will be used as security by this Lender, funds are not counted as "cash out".
Refinance of business debt (up to $500,000) allowed (1.1x servicing required if 50% or more of total loan is for
business purposes). A business purpose declaration must be signed.
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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. Some credit issues considered (must be paid) on a case-by-case basis
with an explanation letter.
If Applicant/s are older than 55 years at time of Application and are looking to purchase or refinance an OWNER
OCCUPIED PROPERTY, then Applicant/s will be required to demonstrate an exit strategy by age 75.
Acceptable examples include: Investment property or shares sale, Superannuation funds, Other tangible
asset sale. NOTE: Sale of the Owner Occupied Home is NOT considered to be an acceptable exit strategy.
Additionally, it is expected that the loan Term will will be adjusted to clear the debt by age 75.
Free Redraw Facility included (charges apply for Fixed loan redraw).
No 'genuine savings' required.
Lender does not 'credit score'.
Favourable purchases NOT allowed.
An 'Offset Account' can be added.
Fees and Charges
Lender setup costs (including settlement fee) of $895 and includes one valuation.
Additional valuation fees (if required), $220 per property.
Annual Package Fee of $325.
Mortgage Insurance applies if Loan to Value Ratio (LVR) exceeds 60% - call for a Quote.
Constructions: $50 per progress payment.
Fixed Rate Lock Fee of 0.15% of the loan amount to guarantee published Fixed Rate AT LOAN APPLICATION:
- Must be paid prior to Settlement (cannot come from loan proceeds).
- Payable per fixed loan split.
- Valid for 90 days only (non refundable).
Other fees and charges may apply at the discretion of the Lender. For example:
- Where there is more than one Security property.
- Where Guarantors are involved.
Early Repayment Fees:
- Abolished as from July 1st, 2011.
- $295 Admin Fee + 3rd party costs apply, regardless of time of discharge.
- Break Costs may apply if a Fixed Loan is repaid during the Fixed Term.
Government stamp duties and other government charges may apply.
Paperwork you will need to provide to apply for this Loan
ALWAYS REQUIRED
100 point ID for each applicant (usually a Passport or Birth Certificate PLUS a Drivers Licence).
If co-borrowers are PAYG, then we require the two most recent payslips OR the most recent PAYG Payment Summary
as well as a letter from the employer.
IF LVR IS 60% OR LESS
Accountant Declaration (we will supply).
OR
Previous 12 months BAS Returns.
IF LVR IS OVER 60% BUT LESS THAN 80%
An Accountants Declaration (we will supply) is acceptable IF:
Loan is for the purchase of a Property
OR
Loan is a refinance with a maxmimum $10,000 "cash out"
NOTE: If Applicant does not have a GST registered ABN, then can only apply as a co-borrower with a PAYG Applicant.
OTHERWISE
Previous 12 months BAS Returns are required.
IF YOU ARE PURCHASING
Signed and dated Copy of the Contract of Sale.
Evidence of funds to complete (excluding FHOG).
IF YOU ARE REFINANCING
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).
Rates notice(s) on property/ies being refinanced.
Last ONE months Statements for all Credit Cards, Personal/Car loans being refinanced.
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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