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Non Bank Lender: 80% Low Doc Home Loan
Also suitable for Credit Impaired (Bad Credit) Applicants
Rates From 8.59% Variable
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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 Lender direct.
NOT AVAILABLE to anyone who QUALIFIES for the First Home Owners Grant.
Suitable for any residential loan (purchase or refinance).
"Cash Out" acceptable, but documentary evidence may be required if amount exceeds $100,000.
In certain instances, Lender will need to control disbursements at Settlement ("case by case").
ABN required for 12 months (GST registration required if income > $75,000).
PAYG Co-Applicants allowed (must provide full income proof).
Postcode restrictions apply - Call if Security property not in a major Town.
Acceptable Security includes:
- Zoning of a Residential nature that permits residential usage.
- Vacant land (max LVR of 80%) - Max size 1 acre, postcode restrictions apply. Max loan of $750,000.
- House & Land (max LVR of 80%) - Max size 15 acres, postcode restrictions may apply.
- Residences with up to 2 dwellings on the one Title (eg: Duplex).
Unacceptable Security includes:
- Serviced Apartments.
- Apartments less than 50 sq m in size (excluding balconies).
- High Rise Apartments in postcodes 4205 - 4225 inclusive (Gold Coast).
- Properties without Town Services in place (particularly electricity).
- Commercial Property.
- Property in poor state of repair or under Renovation (eg: missing kitchens, walls etc).
- Construction.
- Company /Stratum Title (Strata Title OK).
- Combination Shop/Residence.
- Dual Key Apartments.
Individual Borrowers, Discretionary & Unit Trusts & Property Holding or Trading Companies.
Where a Company is the Borrower, all Directors will be required to provide Guarantees.
Company / Trust borrowing is limited to "closely held" Family entities (not large Trading Companies).
Maximum loan Term - 30 years Owner Occupied, 40 years Investment
Maximum of TWO "Splits" per Loan.
Loan is Portable (simultaneous Settlement required).
Funds for declared business purposes OK (not Working Capital).
Interest Ony: YES (up to 5 years).
Other: Extra Repayments allowed, Redraw available (A fee of $25 applies and the minimum redraw allowable is $2,000).
No Genuine Savings requirements.
Minimal documentation requirements.
Fees
$1,495 Loan Settlement Fee.
Approximately $895 Lenders Legals.
Approximately $375 Valuation Fee (payable on CONDITIONAL Approval).
Title Insurance:
- Up to $600,000: $130 plus GST and Stamp Duty
- $600,001 to $1,000,000: $200 plus GST and Stamp Duty
- $1,000,000+: $300 plus GST and Stamp Duty
No Lender's Mortgage Insurance, however a Risk Fee of 2% applies (reduced to 1.5% until April 8 2012).
Risk Fee ONLY CAN be capitalised (added to the Loan).
Government stamp duties and other government charges may apply.
Early Repayment Fees:
- 2% of loan amount if loan is in the name of a Company or a Corporate Trustee.
- NIL in all other instances.
Paperwork you will need to provide to apply for this Loan
ALWAYS REQUIRED
A signed Income Declaration is always required.
If Applicant is an Individual OR a Trust with Individuals as Trustee/s, an Accountants Letter is required (we will supply).
It will ask for confirmation as follows:
- That Accountant has been your Accountant since xx/xx/xx and is your current Accountant.
- That you have been operating your business for more than 12 months under ABN xxxxxxxxxxx.
- That you have applied for a loan of $x over x years with payments of $x per month at a rate of x.xx%.
- That, based on your Accountants knowledge, you can repay the loan without substantial hardship.
- That you are a registered Tax Payer and that your Accountant assisted with most recent Tax Return.
If An Accountants Letter cannot be supplied, last 2 BAS or last 6 months Bank Trading Statements will be required
in lieu. Additionally, "sanity checks" apply - if there is any doubt as to the "reasonableness" of the declared income,
then BAS/Bank Statements will also be required to substantiate claimed income.
JP Certified 100 point ID for each applicant (usually a Passport or Birth Certificate PLUS a Drivers Licence).
Full copy of Trust Deed (if applicable).
If reliant on rental income, current lease agreement OR recent managing agent statement OR letter from
real estate agent is required.
SOMETIMES REQUIRED ("CASE BY CASE")
2 most recent BAS Returns and/or
The last 6 months business trading statements and/or
Accountants Letter confirming declared income
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 YOU ARE REFINANCING
Last FULL statement (maximum 6 weeks old) for all other mortgages NOT being refinanced.
Last FULL statement (maximum 6 weeks old) for all other debts (eg: Credit Cards) being refinanced.
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 REFINANCING an existing Non Conforming Loan, additional requirements are:
- No evidence of ANY arrears in the last 6 months.
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Security Locations
- 80% Metro, CBD and Major Regional Centres
(Vacant land maximum size 1 acre AND maximum loan amount of $500,000 AND maximum LVR of 70%).
- 80% Outer Metro, Medium Regional Centres (NO Vacant land).
- 75% Small Regional Centres, Gold Coast and Perth (Maximum loan of $750,000 and NO Vacant land or apartments).
Acceptable Security
- Residential House on max 15 acres.
- Unit, Flat, Townhouse, Villa, Apartment (min 50 sqm).
- Residential Vacant Land (max 1 Acre).
- Dual Occupancy Residential Dwelling.
- Must be zoned Residential or Rural Residential.
Credit Level 0:
- Defaults under $750 ignored.
- Mortgage Arrears ignored IF made up within 5 days of due date.
- "Cash out" considered (>$100k, documentary evidence will be sought).
- No history of Bankruptcy (includes Part 9/10).
8.59% Variable, Max LVR: 70%, Max Loan for one Security: $1,000,000.
8.79% Variable, Max LVR: 80%, Max Loan for one Security: $1,000,000.
Credit Level 1:
- Defaults under $750 or paid more than 2 years ago are ignored.
- Mortgage Arrears ignored IF made up within 1 month of due date.
- "Cash out" considered (>$100k, documentary evidence will be sought).
- No history of Bankruptcy (includes Part 9/10).
- Can borrow up to $1,500,000 with 2 Securities at a maximum 70% LVR.
9.44% Variable, Max LVR: 70%, Max Loan for one Security: $1,000,000.
9.69% Variable, Max LVR: 80%, Max Loan for one Security: $1,000,000.
Credit Level 2:
- Defaults under $750 or paid more than 2 years ago are ignored.
- Maximum of 5 other Defaults.
- Maximum of 2 Mortgage Arrears allowed (ie: more than 1 month in arrears).
- Mortgage Arrears ignored IF made up within 1 month of due date.
- "Cash out" considered ($50k max).
- Bankrupts must be discharged at least 2 years (includes Part 9/10).
9.44% Variable, Max LVR: 70%, Max Loan of $1,000,000.
9.69% Variable, Max LVR: 80%, Max Loan of $750,000.
ADDITIONAL INTEREST RATE LOADINGS APPLY AS ON CREDIT LEVEL 2 AS FOLLOWS
Add 0.25% for each Default over $750 which has been paid in last 2 years.
Add 0.25% for each Mortgage arrear where payment was late by more than 1 month (max of 2 allowed).
Add 0.50% if any Bankruptcy history (includes Part 9/10).
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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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