Institution Product Name
Available To
Loan Purpose
Interest Rate
Fees
Loan Amount (,000)
LVR
Max Loan Term (yrs)
App'n
S'ment
Other
Min
Max (with MGI)
Max (w/o MGI)
Max (w/o MGI)
Max (with MGI)
EasyVariable I
9.34
n/a
n/a
80%
80%
30
Hassle Free Home Loan 60 For applicants that are unable to provide traditional forms of income evidence, but have equity in another property and the capacity to service loan. For loans above $500,000 interest rate is 7.10% (7.17%comparison rate)
B
7.49
$499
$65
Approx $385 Legal Fees
$10
NA
$2,000
60%
NA
30
Lo-Doc Investment Home Loan I
9.02%
$750
$150
$1000 Deferred Establishment Fee if repaid in first 3 yrs.
Customers can switch to a full doc loan for $300 when financials available
$100
$1,000
$1,500
70%
80%
30
IMB Lo Doc Home Loan B
8.07%
295
300
Rate reverts to 7.77% p.a after 3 years.
$10 monthly service fee. Early Termination Fee of $1500 is payable if
the security for the loan is discharged within 3 years of the settlement date
A legal fee of $313.50 also applies.
100% Lend not available on this product
$100
$1,000,000
$1,000,000
60%
80%
30
Star A better alternative for those who do not meet the lending criteria of traditional institutions for a variety of reasons including credit problems and income issues. Star is available for regulated and unregulated borrowers.
B
From 8.65%
Nil
Nil
Total start up costs $825 (includes valuation fee, mortgage discharge fee and mortgage preparation fee)
30000
N/A
No maximum
90
N/A
30
Morgan Brooks DIRECT
Full Doc Non Conforming Credit Impaired, PAYG Employed borrower and Self Employed borrowers 2 + years who can provide financials
B
9.20
700
750
50
1500
90
30
Morgan Brooks DIRECT
Low Doc Non Conforming Credit impaired, Self employed borrowers 2 + years who cannot provide up to date financials
B
9.50%
750
Credit Risk Fee
1% of loan amount
50
3000
90
30
MyRate Lo-Doc Loan PAYG (as co-borrower only), self employed and company borrowers. No Trusts.
Regulated and Unregulated Loans. PAYG at least 12 months in the same firm or Industry.
Self Employed operating in the same business for a minimum of 2 years.
Must be at least a permanent Australian Resident.
No Retirees.
B
8.50
$0
$0
Non proceeding fee of $220 will be charged if after MyRate has issued a conditional approval offer and obtained a standard valuation report you decide not to proceed to settlement with MyRate or your valuation does not meet credit requirements. Additional charges may apply if loan agreements have been issued or additional valuation costs incurred.
Deferred Establishment Fees Year 1: 1.00% of the original loan amount Year 2: 0.80% Year 3: 0.60% Year 4: 0.40% Year 5: 0.20% 6 + years 0.00%
1000000
1500000
60%
80%
30
Low Doc Home Loan Available to self employed memberswho have insufficient proof of income.
B
9.03
$650
$5 per month
$750 deferred establishment fee if loan is repaid in full within the first three years.
20
$600
60%
80%
30
Premium Low Doc Facility Primary applicant must be self employed. No income evidence required. Secondary applicants can be PAYG however they must provide evidence of their income. Self employed applicants less than 2 years are acceptable at 70% LVR. One CRAA default of no more than $500 paid at least 6 months prior to the application is acceptable. Other CRAA issues are considered on a case by case basis. Maximum loan size is subject to current product lending criteria. Other products may be available at variable interest rates.
B
8.99
$0 - $770
$0
Application fee Includes one standard valuation and standard mortgage document preparation.
50
3,000
3,000
75%
80%
30
Institution Product Name
Available To
Loan Purpose
Interest Rate
Fees
Loan Amount (,000)
LVR
Max Loan Term (yrs)
App'n
S'ment
Other
Min
Max (with MGI)
Max (w/o MGI)
Max (w/o MGI)
Max (with MGI)
Virgin Home Loan (Low Doc) B
Var: 7.75% Fixed 3 Yr: 7.89% Fixed 5 Yr: 7.99%
$0
$0
Early termination fee: 1.25% (year 1), 1.00% (year 2), 0.75% (year 0.50%).
$100
$2,000
$2,000
80%
80%
30
Fastdoc Plus LMI is payable if the LVR exceeds 70% (65% if loan amount is >$750,000). Borrower may pay as a one-off payment, capitalising the premium or as an interest rate loading.
B
8.42
$895
n/a
A Deferred Administration Fee applies if loan is paid out in full within the 1st 5 years. This will be calculated as a percentage of the original loan amount as follows:
Months 0 - 12 1.75%
Months 12 - 24 1.50%
Months 24 - 36 1.20%
Months 36 - 48 0.80%
Months 48 - 60 0.40%
After 60 months Nil
$50
$750
n/a
n/a
80%
30
A Demo Bank
Test Alt Borrowing OO
222
22
2222
Express Lo Doc Self Employed Applicants with clear CRAA. Joint applications possible. At least one borrower must be self employed. (rental income not considered over 90% LVR)
B
7.80
$500
$100
$50
$800
n/a
n/a
80%
30
BankWest Easy Doc Home Loan B
8.49
$700
Facility rolls to BankWest Lite Home Loan after 3 years
$20
$1,000
$2,500
60%
80%
30
BMC Low Doc Loans Available for both Owner occupied and investors
B
7.70%
$850
$50
$800
n/a
n/a
80%
30
