Low Doc Home Loans - ING DIRECT - Lo Doc Variable |
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to select a different loan amount and loan term. Currently: $150,000 over 30 years |
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| Home Loan Lender |
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ING DIRECT Home Loan |
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| Home Loan Product Name |
Lo Doc Variable |
| Interest Rate |
9.34% |
Comparison Rate
Estimated |
9.39% |
| Amount |
$150,000 |
| Term |
30 years |
Monthly Payment
Estimated |
$1,243.81 |
Total Paid
Estimated |
$448,339 |
| Establishment Fee |
$499.00 |
| Enquire/Apply |
 
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| Target Market |
Self-employed people/companies operating at least 2 years who do not
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have sufficient financial documentation to support a standard
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application
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There must be at least 1 self-employed borrower
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Variable rate loan requiring less income documentation than standard
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loans.
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Loan Purpose To purchase or refinance residential property:
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Owner-occupied
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Investment
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Business content and construction loans excluded
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Eligible borrowers - Personal and company borrowers
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Trusts and guarantors are not eligible |
| Acceptable Income |
Self-employed people/companies must have registered ABN for at least 2 years.
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Evidence that applicants are registered for GST.
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Customer Declaration to be signed by all applicants. |
| Loan Term |
30 Years
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Up to 30 years total loan term.
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1,2,3,4 or 5 year interest-only term
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Additional interest only term may be approved subject to review. |
| Loan Size |
Minimum Loan - $50K
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Maximum Loan - $1.5M (exposure). If LMI required maximum exposure is $1 million per LMI guidelines. See LVR section for further information. |
| Repayment Type |
Principal & Interest
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Interest Only 1, 2, 3, 4, or 5 years permitted |
| Repayment Options |
Principal & Interest Fortnightly or monthly
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Interest Only Monthly |
| Extra Repayments |
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| Split Loan Facility |
Combination Loans - Available with other Lo Doc products only, unless income documentation is provided
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Maximum number of splits - May be split into two SVR Lo Doc Loans |
| Offset |
Not available |
| Redraw Facility |
Redraw - Available only on Principal & Interest loan type. No minimum amount. Redraw Fee - Nil |
| LVR |
Up to and including an LVR of 60%, total exposure $1.5M
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LVR between 60%-80%, total exposure of $1 million per LMI guidelines.
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Valuations - Full valuations required in all cases.
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Security - First mortgage, residential security only (excludes high density inner city postcodes where LVR is greater than 60%)
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Unacceptable securities as per credit policy |
| Fees |
Establishment Fee: $499* All Loc Doc applications have an upfront fee of $499
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Account Keeping Fees: Nil
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Additional Valuations fees commence at $200 for a standard valuation which are paid upfront, Refer to Postcode Valuation Costs in Lender Doc Folder Loan Applications
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Account Keeping Fees: Nil
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Fees for Changes to the Letter of Offer: $250 applies to make changes to the Letter of Offer between disclosure date and settlement.
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Document & Settlement Fee $220 (displayed as Mortgage Preparation )
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*Additional Application fees may apply to non-Standard Loans where there is more than one security property, or where a combination loan is required.
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Increase / Decrease $ $100
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If the Loan is paid out during the Lo Doc Term the Deferred
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Deferred Establishment Fee
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1 Year $1400
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2 Year $1050
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3 Year $700
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4 Year $ 350
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Fixed Rate Lock In Fee $499 |
| Enquire/Apply |
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| Other Low Doc Home Loans |
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| Other ING DIRECT Home Loan Products |
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This Comparison Rate applies only to $150,000 with a loan term of 30 years. The loan amount and term will affect the comparison rate calculation. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparsion rate calculation but may influence the cost of the loan.
This rate is to be used as a guide only and we recommend that you confirm it with the lender before acting upon it.
The information provided in this website is a guide only and may not be complete for your purposes. ratesonline.com.au is not licensed to provide investment advice and recommends that you consult an independent financial adviser.
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