LowDoc / NoDoc Loans
Low Doc
A low document option is available on most of our product range. These loans are tailored to the self employed applicants. These loan options take the worry out of not having up-to-date financials and much less documentation papers required at time of application, must have ABN for more than 2 years & GST registration applies on day of application lodged. The product range includes:
Standard - This product is fully featured with no ongoing fees. It's designed for the rate and feature-driven customer.
Credit Impaired - Designed for the lo doc client who has had credit problems, Not a problem for us we will get you back on track.
High Lend / Jumbo - This product is for the big end of town borrowers who need to borrow up to $5M and won't be suppressed on rate or features.
Line of Credit - With the features you need to build wealth, this is a true line of credit with out the fees - after all, it's your money.
Construction - Build your dream home with up to 90% lending. Our construction loan products take the stress out of building.
No Doc
A No document option is available on most of our product range. These loans are tailored to the self employed applicants. These loan options take the worry out of not having up-to-date financials, perhaps not many questions will be asked or required at time of application. The product range includes:
Length/Term of ABN applicable for each documentation type (Self employed borrowers) | |||
Security Type | Full Doc | Low Doc | No Doc |
Owner Occupied | 2 years | 2 years | 1 years |
Investment | 2 years | 2 years | 1 day |
NO DOC HOME LOAN
RESIDENTIAL Owner Occupiers and Investors (Regulated and Unregulated Loans). Purchase, build or refinance. Land only option is also available. Applicants do not need to provide tax returns or disclose their income, assets or liabilities to the Lender. Applicants must be self-employed (1 day or more) to qualify (acceptable for spouse to be "home duties"). An ABN for at least 1 day is required (not required to be GST registered). Co-borrowers can be PAYG.
MAIN FEATURES
· FREE SERVICE - NO Brokerage Fees are charged by Austwide Lending. Rates, Costs, Fees and Charges are EXACTLY the same as if you had dealt with the Lender direct.
· NOT generally Age Sensitive, but Applicants aged 65 or more may need to prove they have been trading for several years (with an ABN).
· Interest only option for 1,2,4,5 or 10 years.
· 100% Offset Account (Variable Rate Loans). Access to funds in Offset Account via Internet, Telephone, BPAY (in and out), ATM, EFTPOS and Debt Card
· Construction and Land Option available, conditions may apply, maximum LVR of 70% for Construction, Maximum of 5 drawdowns, Construction only available for Variable Rate Loans - NOT OWNER BUILDERS.
· Available to Companies and Trusts (with Guarantees).
· Facility to create 4 loan splits (statements) at NO cost.
· Line of Credit available (cannot capitalise Interest).
· Can make extra repayments (regular or lump sum) at no penalty or cost (variable loans only) PROVIDED you do not repay more than 50% of the loan back in the first 5 years (unlimited funds can be placed in the Offset Account or a Line of Credit). If you do a partial discharge as a result of releasing a Security property, early repayment fees will apply on the discharged amount.
· Some Telecommunication Defaults acceptable.
· Direct salary crediting option.
· Internet and phone banking.
· Loan is portable (Simultaneous Settlement NOT mandatory – call for details).
· Borrow up to 80% of the value of the property (location dependent).
· Term - 30 years (regardless of the age of applicants).
· Max Land Size - 10ha (25 acres).
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· Typical setup costs, legal fees and Lender Mortgage Insurance will apply - Mortgage Insurance (LMI) is normally payable by the Borrower.
· Unsubstantiated cash out is allowed if refinancing.
· First Home Owners are allowed.
MAXIMUM LOAN AMOUNTS
Further limitations may apply for Inner City locations – call for details.
| 70% LVR | 80% LVR | ||
| Single Security | Multiple Securities | Single Security | Multiple Securities |
Sydney, Melbourne, Brisbane | $1,000,000 | $2,000,000 | $1,000,000 | $2,000,000 |
$1,000,000 | $2,000,000 | $650,000 | $1,300,000 | |
$1,000,000 | $2,000,000 | $350,000 | $750,000 | |
Elsewhere | Call – depends on Postcode | Call – depends on Postcode | Not available | Not available |
Contact us on 1300 738 100