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Non Bank Lender: 80% Low Doc Home Loan
Rates From 8.65% 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.
First Home Owners allowed (but Lender unable to process Grant on behalf of Applicant).
NO BAS STATEMENTS, ACCOUNTANTS LETTERS or TAX RETURNS required.
Suitable for any residential loan (purchase or refinance).
ex Bankrupts allowed (must be discharged at least 1 day).
ABN required for at least 12 months (GST registered for at least 6 months).
PAYG Co-Applicants allowed (must provide full income proof).
Will refinance existing Low Doc, Non Conforming Loans AND Private/Solicitor Loans.
Will refinance any number of debts for debt consolidation.
"No Limit" "cash out" Policy.
Payment of Tax Debts and purchase of Business Equipment or Working Capital allowed if refinancing with "cash out".
Postcode restrictions apply - Call if Security property not in a major Town.
Acceptable Security includes:
- Zoning of a Residential nature that permits residential usage.
- House (max LVR of 80%) - Max size 25 acres, postcode restrictions may apply.
Unacceptable Security includes:
- Serviced and Studio Apartments.
- Apartments less than 50 sq m in size (excluding balconies).
- Apartments greater than 8 stories high.
- Properties without Town Services in place (particularly electricity).
- Commercial Property.
- Property in poor state of repair or under Renovation (eg: missing kitchens, walls etc).
- Vacant Land / Construction.
- Company /Stratum Title (Strata Title OK).
- Combination Shop/Residence.
- Dual Key Apartments.
Only 1 Security per Title allowed.
Individual Borrowers, Discretionary & Unit Trusts & Property Holding or Trading Companies.
Maximum of 4 Borrowers.
Minimum Loan Amount: $100,000 - Maximum Loan Amount - $1,500,000 (up to 70% LVR), $1,000,000 (70% LVR+).
Company / Trust borrowing is limited to "closely held" Family entities (not large Trading Companies).
Maximum loan Term - 40 years.
ANY NUMBER of Defaults registered more than 2 years ago will be considered (paid or unpaid).
Any evidence of missed / late payments on loans being refinanced or owner occupied home loan in last
6 months is likely to result in a Loan decline.
Policy maximum of TWO "Splits" per Loan (but will consider more if for a specific purpose).
Loan is Portable (simultaneous Settlement required - other conditions also apply).
Interest Only: YES (up to 5 years).
Other: Extra Repayments allowed (no penalty), Redraw available (free, minimum redraw allowable is $1,000).
No Genuine Savings requirements.
Minimal documentation requirements.
Fees
Approx $1,370 Loan Application Fee (includes 1 standard valuation and Legals).
Title Insurance:
- Up to $400,000: $300 plus GST and Stamp Duty
- $400,001+: $450 plus GST and Stamp Duty
No Lender's Mortgage Insurance, however a Risk Fee of:
1.25% of Loan Amount (LVR's up to 65%).
1.50% of Loan Amount (LVR's between 65.01% and 70%).
1.75% of Loan Amount (LVR's between 70.01% and 75%).
2.00% of Loan Amount (LVR's between 75.01% and 80%).
Risk Fee CANNOT be capitalised (added to the Loan) above 80% LVR.
$15 per month in Ongoing Fees.
Government stamp duties and other government charges may apply.
Discharge Fee - $250 per Loan Account (always applies).
Paperwork you will need to provide to apply for this Loan
ALWAYS REQUIRED
A signed Income Declaration is always required (we will supply).
Last 6 months (minimum) Trading Bank Statements to verify declared income. Note that any evidence of "overdrawn"
accounts or "bounced" Cheques/Payments are likely to result in a Loan decline.
Last 6 months Loan Statements on Owner Occupied Loan (even if not refinancing).
JP Certified ID for each applicant (usually a Passport or 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.
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).
Last 3 months Statements for any Non Mortgage related Loan being refinanced (eg: Car Loans/Credit Cards).
If currently renting, copy of most recent Rental Statement from Agent.
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 PLUS Owner Occupied Mortgage (even
if not refinancing). 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).
NOTE: If refinancing a Non Conforming Loan, last 12 months Loan Statements are required (NOT 6).
Interest Rates - ABN active for at least 2 years and GST registered at least 12 months
Up to 65% LVR: 8.65% variable.
65.01% to 70% LVR: 8.99% variable.
70.01% to 75% LVR: 9.34% variable.
75.01% to 80% LVR: 9.74% variable.
Interest Rates - ABN active for at least 1 year and GST registered at least 6 months
Up to 65% LVR: 8.90% variable.
65.01% to 70% LVR: 9.24% variable.
70.01% to 75% LVR: 9.59% variable.
75.01% to 80% LVR: 9.99% variable.
FIXED RATES ARE NOT AVAILABLE
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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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