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MY HOME LOAN TYPE GUIDE

Low-Doc Home Loan:

This type of loan product is designed for applicants that are self employed and have been self employed for at least 2 years prior to applying for a low-doc home loan.

Basically designed for the self-employed who may not have all their documentation up to date such as tax returns or other financial statements that banks require with traditional products.

A self certification income declaration needs to be signed by the applicant. By signing the declaration the applicant confirms that the loan repayments are affordable.

Borrowing under a Low-Doc loan facility is usually limited to 80% of the property value offered. The property value may also be limited to $750,000.

Lenders Mortgage Insurance may also apply when borrowing at a ratio between 60% and 80% of the property value.

This type of loan facility is based on the variable interest rate and usually charged at standard variable market rate.

The Low-Doc home loan offers a variety of features such as:

  • A choice of principle and interest or Interest Only repayment option
  • You can also make additional loan repayments without incurring a penalty
  • Direct salary crediting into your loan account to help reduce interest
  • You may also have a re-draw facility, accessing your payments made in advance from any ATM network.
A few banks are now offering the Low-Doc home loan.

Disclaimer: The above is a generic representation only. It does not constitute financial advice or mortgage structuring advice. It is only to be used as a guide only. Please discuss your financial needs with a financial planner, accountant or your banking representative.

No reliance should be placed on the above information.

COMBINATION SPLIT LOAN
ALL-IN-ONE HOME LOAN ACCOUNT
INTRODUCTORY RATE HOME LOAN
LINE OF CREDIT
FIXED TERM INTEREST RATE LOAN
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VARIABLE RATE LOAN
NON CONFORMING LOAN
LOW-DOC HOME LOAN
BASIC VARIABLE HOME LOAN
REVERSE MORTGAGE
NO-DEPOSIT HOME LOAN
PROFESSIONAL HOME LOAN
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