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Bank 60% Low Doc Home Loan
7.70% 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 bank direct.
Max
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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: 60%.
NO Fixed Rates available.
NO BAS STATEMENTS, BANK STATEMENTS or TAX RETURNS required.
GST registered ABN for 2 years required.
PAYG Co-Applicants allowed (must provide full income proof).
NO Postcode restrictions apply, however VERY Valuation dependant (Valuer Risk Ratings, Estimated "Time to sell",
Condition of Property etc).
Minimum loan amount: $100,000.
Maximum loan amount: $1,500,000.
Refinances with unlimited Cash Out/Equity Release (stated purpose ... no documentary evidence usually needed
to $100k, over this, Lender may require documentary evidence and may control disbursement at Settlement ...
"case by case" basis).
Multiple Securities for a loan acceptable but only ONE property allowed on a single Title.
Interest Ony: YES (up to 10 years).
Extra Repayments allowed, Redraw (min $2,000-no fees).
Land and Construction NOT available.
Max land size of 10 ha (25 acres) - Rural Residential property OK (NOT "strictly" Rural).
Must have electricity and all weather road access. Water must be connected if property within town boundaries.
Multiple dwellings on a single Title allowed ("case by case").
General requirements for Units:
- Must be at least 50 sq m in size (excluding balconies/car parks).
- Must have at least 1 bedroom and must be separate (No Studio or Dual Key Apartments).
- Must be fully self - contained (kitchen, bathroom, laundry).
- Must provide off street parking for resident.
- Must not have on the premises any Short Term / Holiday letting Units.
Loan is portable, but simultaneous settlement required (conditions apply).
First Home Owners OK, BUT MUST have 40% Genuine Savings.
Companies and Personal Borrowers only (NO Trusts allowed).
Applicants with MINOR Credit Issues considered (as a guideline, 2 defaults totalling less than $1,000
and paid more than 6 months ago would be considered). Valid written explanation also required.
Fees
Approximately $1,000 Lenders setup including valuation and legals.
No ongoing Monthly Fees.
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
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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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).
Discharge Fee: $400.
Other fees and charges may apply at the discretion of the Bank. For example:
- Where there are Guarantors.
- 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
Accountants Letter confirming declared income and that you can afford the repayments (we will supply).
100 point ID for each applicant (JP certified as True and Correct copies).
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 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).
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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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