Enquire Now
Home Page
How it Works and FAQ's
Calculators
About Us
The Right Broker
 
 

Credit Provider - Bank Low Doc 60% Home Loan (including Low Doc 60% PAYG)

Top 4 Bank with Australia wide Branch network.


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?

Product Highlights

  • FREE SERVICE - Rates, Costs and Fees are EXACTLY the same as if you had dealt with the bank direct.
  • NO INCOME proof required (Payslips, Tax Returns, BAS Statements, Bank Statements etc).
  • Suitable for any residential loan (purchase or refinance). Commercial property loans excluded.
  • Self Employed: ABN required for 6 months plus (no need to be GST registered if earnings less than $75,000 pa).
  • Employed: No minimum employment time period required, employment checks may be conducted ...
        (to verify that you are employed with declared employer, salary checks not undertaken).
  • Not postcode sensitive ... will do loans anywhere in Australia.
  • Maximum loan amount of $2,500,000.
  • 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).

    .

    ).
  • 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.
  • Gifted Deposits are allowed (call for conditions).
  • Minimal documentation requirements.

    Things you need to know

  • Not suitable for Commercial Property Loans.
  • 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)
        - Confirmation of recommendation from Financial Planner that purchase forms part of investment strategy.
        2. 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. Deposit on property
        - Confirmation provided via Declaration of Purpose form.
        5. Purchase of property
        - Contract of Sale; or
        - Statutory Declaration from applicants confirming that they intend to purchase property.

    Fees and Charges

  • $600 Lender setup costs for first Loan Split, $200 for subsequent Loan Splits.
  • Monthly Fees: Variable $0, Fixed $10.
  • 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:
          - $700 per loan split if loan is discharged in first 4 years.
          - PLUS $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 apply.

    Paperwork you will need to provide to apply for this Loan

    ALWAYS REQUIRED
  • Documentary evidence that you can afford to repay the loan on an ongoing basis
        (options will be discussed at loan Application time - will vary according to each Applicants financial situation).
  • 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.

    Loan Stucturing Information and Interest Rates

      Variable Rate Loan Fixed Rates
    Effective Dates 7th May 2010 7th May 2010
    Total loan amount:
    $100,000 to $2,500,000     		6.71% (CR 6.76%) Rates change frequently, please call for current Rates.
    Payment Frequency Weekly, Fortnightly or Monthly (Interest Only is ALWAYS Monthly) Weekly, Fortnightly or Monthly (Interest Only is ALWAYS Monthly)
    Interest Only Option Up to 10yrs In line with Fixed Rate Term
    Offset Account No 100% Offset available on 1 Year Fixed Loan ONLY
    Construction option Yes No
    Funds Access See Redraw below Not available during fixed rate period
    Redraw Yes - Free Not available during fixed rate period
    Extra Payments Unlimited - however regular repayment always based on fully approved loan amount (unless facility is Interest Only) Yes - discuss at Branch interview as amount is limited

    The Comparison Rate is calculated on a loan amount of $300,000 over a term of 30 years. Fees and charges may be payable. A Comparison Rate schedule is available at our Miami offices. WARNING: This Comparison Rate applies only to the example or examples given. Different amounts and terms will result in different Comparison Rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan.

    Please click here to print this page       Enquire about Residential Low Doc Enquire Now

    • Home | How it Works & FAQ's | Calculators | About Us | Quick Enquiry | What is a Low Doc Loan? | Purchase or Refinance? | Credit Problems? | Too Much Debt? | Unique Situation? | TV Ad | Radio Ad | Privacy Policy | Conditions of Use | Fact Finder | Credit Check Form

    We provide services to all states within Australia: New South Wales (NSW), Victoria (VIC), Australian Capital Territory (ACT), Queensland (QLD), South Australia (SA), Tasmania (TAS), Western Australia (WA), Norther Territory (NT). Major areas covered include: Adelaide, Albany, Alice Springs, Armidale, Balladonia, Brisbane, Carnarvon, Broome, Bundaberg, Byron Bay, Cairns, Canberra, Carnarvon, Central Cost, Coffs Harbour, Cooktown, Darwin, Derby, Geraldton, Georgetown, Gladstone, Gold Coast, Groken Hill, Hobart, Kalgoorlie, Karumba, Katherine, Larrimah, Launceston, Lismore, Mackay, Melbourne, Minilya, Moree, Newcastle, Noosa, Northam, Perth, Port Hedland, Portland, Port Lincoln, Port Macquarie, Rockhampton, Sunshine Coast, Southern Cross, Sydney, Townsville, Wollongong and Tweed Heads.

    ©  2005-2010 lowdocloans.com.au :: All Rights Reserved
    The Low Doc Loan and No Doc Loan specialists
    Low Doc Loans are all we do, call lowdocloans.com.au
    WEBLOAN PTY LTD ABN 22 107 596 225 has been registered to engage in credit activities
    under the National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009.
    Credit registration number 349770.