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Major Bank 80% Low Doc Home Loan
6.90% Variable for LVR's over 60% (Rates from 6.71% if LVR is 60% or under)
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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.
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.
In general, declared income should not exceed 40% of BAS turnover - Call for details.
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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: 80%.
Fixed Rate Loans also available.
Lender can be age sensitive.
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.
Islands OK (eg: Moreton, Stradbroke, Fraser, Hamilton, Russell, Macleay etc).
Will look at properties up to 50 ha (123 acres).
Purchase / Construction of up to 2 Units in the one complex allowed (INDIVIDUALS only).
Unlimited loan amounts up to 60%
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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.
Maximum loan amount of $1,000,000 (1 Security) from 60.01% to 80%
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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.
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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.
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) on loans to 60%
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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.
Nationwide Branch network.
No Interest Rate loadings for Low Doc Loans.
Land loans allowed (must build within 5 years).
Loan is portable, but simultaneous settlement required.
Companies and Trusts allowed. (INVESTMENT properties ONLY - no Land or Construction).
First Home Owners are 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.
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Interest only available (max 5 years).
Redraw available if Principal and Interest Loan (not available for Interest Only Loans). $50 fee applies.
Extra repayments allowed (unlimited).
Fees and Charges
For Loans where the LVR exceeds 60% ... call if LVR 60% or under
Establishment Fees: $600 for up to 2 loans, $300 per additional loan plus
Settlement fee of $150.
$8 per month in ongoing fees.
Exit Fees: $350 administration charge.
Mortgage Insurance will apply if
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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exceeds 60% (can be added to loan).
$75 per Construction progress draw-down (if applicable).
$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.
- Payable per fixed loan split.
- Valid for 90 days only (from date your Account is charged the Rate Lock Fee).
Other fees and charges may apply at the discretion of the Bank. For example:
- Where there is more than one Security property.
- Where Guarantors are involved.
- Where Companies/Trusts are involved.
Government stamp duties and other government charges may apply.
Paperwork you will need to provide to apply for this Loan
ALWAYS REQUIRED
100 point ID for each applicant (usually a Passport or Birth Certificate PLUS a Drivers Licence).
The latest Rates Notices on any properties that you own.
The most recent statements for all current liabilities (including other Home Loans and Car/Personal Loans).
If unable to obtain a statement, a copy of the original Loan Contract together with bank statements showing payment being made
(identifiable) will suffice.
Last ONE months Statements for all Credit Cards, Personal/Car loans.
If co-borrowers are PAYG, then we require the two most recent payslips OR the most recent PAYG Payment Summary as well as a letter
from the employer.
If reliant on rental income, current lease agreement OR recent managing agent statement OR letter from real estate agent is required.
Business Activity Statements (BAS) for the past 12 months, as submitted to Australian Taxation Office.
If ABN not GST registered, Bank Statements (all Accounts) will be required for last 6 months (as a minimum).
NOTES regarding BAS Statements: Online BAS lodgements - If BAS lodged online you must provide a Statement of Receipt by the ATO
for each BAS Return lodged over the last 12 months. Manual BAS lodgements - The ATO verifies the manual submission and receipt of BAS through the ATO
Running Balance Account Statement. Customers must obtain this statement from the ATO and provide it at Loan Application time.
SOMETIMES REQUIRED
In cases where the Bank is not the main financial institution to the customers and the application requires a refinance
or the application involves "cash out", the Bank may request six months statements on the applicant's business/primary account. This will
be particularly so where income fails the reasonableness test which is, as a 'rule of thumb' an applicant's Low Doc
declaration should represent not more than 40% of the gross income stated on their BAS statements.
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 6 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).
As stated above, Last ONE months Statements for all Credit Cards, Personal/Car loans.
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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