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Non Bank 75% No Doc Home Loan
Interest Rates from 10.20% Fixed (refer below for rate scale)
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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
True NO DOC loan:- Accountant Declaration, trading figures and BAS statements are NOT required.
- ABN/GST registration NOT required e.g. your employment situation is not disclosed. NB: Your employment may
become evident on your credit check (e.g. your directorship(s) are listed). If it is apparent that you are a
Developer, Property Investor or in Financial Services, then your application may be declined.
Capitalised interest available for the first 6 month period (loan can not exceed 75% LVR).
Suitable for any residential loan (purchase or refinance). Commercial property accepted*
Individuals, Companies and Trust borrowers allowed.
Loan term maximum 36 months (rolled over every 6 months).
Loan must be predominately for business purposes e.g. Purchase stock, business, company real estate etc.
Minimum loan amount of $200,000.
Maximum loan amounts as follows:
- Up to 50%
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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, $1,500,000
- 51% to 65%
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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, $1,000,000
- 66% to 70%
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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, $750,000
- 71% to 75%
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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, $650,000
Postcode restrictions may apply, please call us to check you postcode(s).
House, Townhouse, Villa, Duplex, Unit and Commercial Property* acceptable
Vacant Land or construction not acceptable.
Loan amount may include the Settlement Fee (maximum lend is 75% LVR including Settlement Fee).
Maximum land size of 2ha (5 acres).
Residential and Rural Residential zoning accepted. The security must be accessible via main road and
connected water and power.
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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??
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.
No 'genuine savings' required.
NO Redraw Facility (e.g. Fixed rate loan).
NO Splits allowed.
Cash Out
Cash out is available but restrictions apply as follows:
- 1) Loan can not exceed 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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.
- 2) Cashout can not exceed 20% of loan amount.
Payment to a 3rd party at settlement is not considered 'Cash out'
Fees and Charges
NO costs apply for Conditional Approval.
Setup Costs (total approximately $1,724) as follows:-
- Lender Legal fees $550
- Loan Processing Fee of $495 ($1,000 for loans over $1,000,000)
- Title Protection Fee of $349 per security
- Valuation Fee approximately $330 per security (more if property over $750,000 or regional)
Other fees and charges may apply at the discretion of the Lender.
Settlement fee of 2.5% of loan amount.
There is an ongoing service fee of $15 per month.
Early Repayment Fees:
- Discharge Fee of $395 plus Lender Legal Fees
- 4% early/late payout penalty (refer rates table below)
Government stamp duties and other government charges may apply.
Fixed Interest Rates (subject to change)
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Period |
Fixed Rate
Applied * |
| 0-6 months |
10.20% fixed |
| 7-12 months |
13.13% fixed |
| 13-18 months |
13.83% fixed |
| 19-24 months |
15.83% fixed |
| 25-30 months |
11.73% fixed |
| 30-36 months |
13.13% fixed |
Maximum Term is 36 months.
At the end of each period, there is an option to roll-over to the next period or payout the loan.
Payout must occur at the end of any period or after 36 months. A penalty of 4% of the original loan amount applies
if the loan is paid out early or late.
Capitalised interest available for the first 6 month period (loan can not exceed 75% LVR)
* Commercial security attract an interest rate premium (e.g. add approximately 5%)
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 YOU ARE PURCHASING
Signed and dated Copy of the Contract of Sale.
Evidence the purchase is for business use.
Evidence of funds to complete.
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.
Evidence the equity release (including 'cash out' funds) will be for business use.
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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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