Low Doc Loans

The Low Doc Home Loan is a fully featured home loan that meets the needs of people who are unable to provide income documentation for the Bank to verify their income.

The Low Doc Home Loan is an appealing option for people who:

• are self-employed and have been operating their business for two or more years,
• are PAYG and who have been employed for 30 months in the last 3 years,
• experience uneven cash flows,
• have difficulty in separating their personal and business cash flows,
• do not have up to date financial statements.

While income is not verified, customers need to meet all other aspects of serviceability policy plus specific low doc serviceability requirements.

LMI (Lender's Mortgage Insurance)  is applicable to all loans with LVR's (Loan to Value Ratios) above 60%. This means that if you want to borrow more than 60% of the appraised value of the property being used as collateral, LMI will be applicable.

Key benefits are:

• The Low Doc Home Loan has been specifically designed for people are not able to comply with the Bank's standard income verification policy for other home loan products.
• The Low Doc Home Loan process does not require that income verification documentation be provided.
• Anyone considering a Low Doc Home Loan would be required to complete a Self-Assessment, of their own financial position, to consider their ability to repay the new loan without substantial hardship - An Affordability Self-Assessment form has been developed for this purpose. This Self-Assessment is in addition to the Bank completing its own assessment on the individual's capacity to repay.
• Loan amounts up to $1.5 million against the equity in their residential property.
• Choice of fixed and variable rates.
• Principal reductions may be made at any time on variable rate loans (unlimited amount) and on Fixed Rates (max $10,000 pa.)
• The ability to redraw additional repayments on variable rate loans- saving interest on the loan but retaining access to the funds (subject to the Bank's consent).
• Interest offset facility available to help reduce the interest charged while still having access to funds at call.