|
|
|
Major Bank 60% Low Doc Home Loan
6.56% Variable for loans > $250,000 and lodged by 29 Feb 2012 - else 6.66%
|
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?
|
|
Features
FREE SERVICE - Rates, Costs and Fees are EXACTLY the same as if you had dealt with the bank direct.
ABN is required for a minimum of 12 months and MUST be GST registered (Tax Returns required if not GST registered).
12 Months BAS Statements are also required to support declared income. Sales figures will be assessed against
Industry Benchmarks to determine whether or not Applicant/s will qualify for a Low Doc Loan with this Lender
(this will be done by us PRIOR to lodging a formal Application with the Bank - we will be able to provide
an indication of the minimum Sales Figures needed as part of the initial enquiry phase). If BAS Sales Figures do not
support a Low Doc Loan Application, then the Bank will consider the Application on a Full Doc basis on the provision
of ONE Years Tax Returns (instead of the normal two) - Call for details.
Max
LVR
|
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).
|
: 60%.
Professional Packs, Line of Credit and Fixed Rate Loans also available.
Lender is NOT age sensitive with respect to Borrowers.
Favourable Purchases considered.
Suitable for any residential loan (purchase or refinance). Commercial property loans excluded.
Co-Applicants can be employed ... full income verification required.
Not postcode sensitive ... will do loans anywhere in Australia.
Minimum loan amount: $100,000; Maximum loan amount: $2,500,000.
Payment Frequency: Weekly, Fortnightly or Monthly (Interest Only is ALWAYS Monthly).
Interest Ony: YES (up to 10 years).
Other: Offset available on certain products, Extra Repayments allowed, Redraw.
NO Low Doc Declaration required.
Nationwide Branch network.
Discounted, competitive rates and fees (EXACTLY the same as Full Doc Loans).
Land loans allowed (must build within 1 year if Investment, 3 years if Owner Occupied).
Max land size of 10 ha (25 acres) - Rural Residential property OK (NOT Rural).
Only ONE dwelling on a single Title allowed.
Units must be at least 40 sq m in size (excluding balconies) - must have a separate bedroom.
Loan is portable, but simultaneous settlement required.
First Home Owners are allowed.
No Genuine Savings requirements.
Minimal documentation requirements.
Pre-approvals possible (valid for 90 days).
A real person as Trustee of a Trust is acceptable (no Companies allowed).
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.
|
??
|
.
NO EXCEPTIONS (regardless of size/age of Default).
If the transaction involves "cash out" (ie: money over and above the current debt), then the Bank will require
evidence of funds usage as per below:
1. Personal Investment (share purchase)
- Financial Planners Report showing how funds will be divested (by Share).
OR (If Balance Sheet shows you already have a significant Share Portfolio)
- Statutory Declaration confirming that funds will be used to increase your current Portfolio AND that you understand
the risks associated with this strategy.
2. Minor Renovations/home improvements
- Copy of contract or quotes for works to be undertaken; or
- Detailed list of estimated expenses set out in a Statutory Declaration.
3. Motor vehicle
- Copy of contract/order; or
- Statutory Declaration from applicants to confirm intention to purchase vehicle by private sale.
4. Purchase of property
- Contract of Sale.
OR (If Balance Sheet shows you are a sophisticated Investor)
- Statutory Declaration confirming that funds will be used to purchase Property.
5. Deposit on property yet to be purchased
- Statutory Declaration from applicants confirming that they intend to purchase property.
Fees
$600 Lender setup costs.
Monthly Fees: Variable $0, Fixed $10.
NO 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
|
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).
|
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
|
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).
|
.
|
).
Construction Progess Fee of $250 (payable on first Progress inspection).
$750 Fixed Rate Lock Fee to guarantee published Fixed Rate AT time of APPLICATION:
- Available for 1 year to 5 year fixed rate loans only.
- Can only Lock a loan to a maximum size of $1,000,000.
- Payable per fixed loan split (payable at Application - non refundable, unless loan declined by Bank).
- Valid for 90 days only.
- NOT available for Construction Loans.
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.
Early Repayment Fees:
- No Early Repayment Fees Apply.
- $300 Discharge Registration Lodgement Fee, 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 also apply.
Paperwork you will need to provide to apply for this Loan
ALWAYS REQUIRED
12 Months BAS Statements.
100 point ID for each applicant (presented to Bank at time of signing formal Mortgage Documents).
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
Latest Rates Notice(s) on the Property(s) being offered as Security.
Last THREE 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.
|
|
|
|
SITE MAP
Home
How it Works & FAQ's
Success Stories
About Us
The Right Broker
Low Doc Loans are not Dead
Why use Us
lowdocloans.com.au in the Media
Conditions of Use
Privacy
Dispute Resolution
Fact Finder
Credit Check Form
|
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
|
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
|
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
|
|
|
|
