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Bank 80% Low Doc Home 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)
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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.
Variable Rate ONLY for first 2 years.
AFTER 2 YEARS of good repayment conduct, you may transfer to the following rates:-
<$1,000,000 - 6.35% p.a. variable (min $200,000)
<$1,500,000 - 6.30% p.a. variable
$1,500,000+ - 6.25% p.a. variable
The above figures are quoted at 75% LVR or less. Therefore, if the current LVR is greater than 75%, the security/ies
would need to increase in value by at least 5% in the next two years (otherwise add approx 0.1% to the above rates).
These are the current interest rates. The prevailing interest rates at the time of the transfer shall apply.
A new application is not required, however a transfer form needs to be completed and lodged.
There is no requirement to provide financials etc.
A valuation may be ordered to determine the current LVR at the time of the transfer.
The transfer fee is $495.
Lender is NOT age sensitive with respect to Borrowers.
Accountant Declaration Required. BAS STATEMENTS, BANK STATEMENTS or TAX RETURNS are not required.
Suitable for any residential purchase. Commercial property loans excluded.
Refinancing is limited to 60% LVR. Please refer to the 60% LVR Fact Sheet for refinancing options.
When refinancing vacant land to build, the land may be refinanced at 60% LVR and the construction at 80% LVR.
ABN for 24 months required (GST registered for 2 years if turnover exceeds $75,000 pa).
PAYG Co-Applicants allowed (must provide full income proof).
Minimum loan amount: $100,000; Maximum loan amount: $1,000,000 (single Security).
Interest Ony: YES (up to 5 years). Construction is automatically Interest Only for the first 12 months.
Other: Optional Offset Account ($15 pm), Extra Repayments allowed, Redraw (free if online, $5,000 daily limit).
Access funds via ATM, EFTPOS, Bank@Post, Internet & Phone Banking.
Land Loans allowed (MUST demonstrate SERVICING CAPACITY to build if LVR exceeds 60%).
Construction allowed (max of 2 dwellings allowed ... MUST be on separate Titles on completion).
Postcode restrictions apply ... CLICK HERE for acceptable postcodes.
ACREAGE Properties (Rural / Lifestyle blocks):
- Max Land size of 25 acres (10 ha). Rural/Residential zoning OK.
- MUST have CONNECTED Town Electricty, Town Water and "all weather" sealed public road to gate.
- Available Telephone connectivity is also required.
Loan is portable, but simultaneous settlement required.
First Home Owners are allowed (Bank will process Grant on Applicants behalf).
For Purchases, no Gifts or borrowed funds allowed for Deposit. 3 Months Bank Statements to be
provided evidencing 20% Deposit. Any single Deposits of greater than $7,000 need to be explained.
Shares or proceeds from sale of property also allowable as proof of Deposit.
Free, ONLINE Redraw (no minimum amount).
Companies and Trusts NOT allowed (Personal Borrowers only).
ALL parties on Title MUST be parties to the loan and vice-versa (including Husband and Wife scenarios).
NO Favourable Purchases.
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
$700 Lenders setup.
No ongoing Monthly Fees.
Mortgage Insurance (
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 (call for quote - can be added to the loan).
Discharge Fee: Allow $600.
Other fees and charges may apply at the discretion of the Bank. For example:
- 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
Low Doc Income Declaration (we will supply) - NOTE: Your Accountant will need to sign the Income Declaration Form
confirming that you actually earn the income that has been decalared on the Form.
Evidence of ABN (refer to THIS SITE to search your ABN.
100 point ID for each applicant (JP certified as True and Correct copies).
If co-borrowers are PAYG, then we require:
- 2 most recent & consecutive payslips. YTD figures / Employers ABN & Company name obligatory.
- If employed 6 months or less: Previous years PAYG summary or tax return as well as Letter from
employer confirming not on probation, Date Started and Annual Salary.
NOTE - Employment checks are made in all instances.
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).
Bank Statements evidencing 20% deposit over a minimum 3 month period (Single Deposits over $7,000 will be queried)
OR Share Statements OR evidence of proceeds of a property sale. Gifted/Borrowed Deposit not allowed.
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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