Low Doc Home Loans - Westpac - Lo Doc Invest Prop $150K<$250K 0.40% Disc |
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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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Westpac Home Loan |
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| Home Loan Product Name |
Lo Doc Invest Prop $150K<$250K 0.40% Disc |
| Interest Rate |
7.31% |
Comparison Rate
Estimated |
7.66% |
| Amount |
$150,000 |
| Term |
30 years |
Monthly Payment
Estimated |
$1,029.38 |
Total Paid
Estimated |
$382,645 |
| Establishment Fee |
$355.00 |
| Enquire/Apply |
 
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| Target Market |
Self employed borrowers who have difficulty in producing up to date financials. A loan used to buy, construct or refinance residential real estate for investment purposes. |
| Acceptable Income |
Income verification.
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Income verification is not required. Rather than verifying the customer/s income, the customers will be required to complete and sign a Borrowers Income Declaration
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The declaration includes a statement by the customer along the lines of that the customer is able to repay the loan without substantial hardship.
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The Borrowers Income Declaration is to be signed by the customer and returned to the Bank with the Application Form.
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The customer must meet all other application and documentation requirements as per usual.
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The Borrowers Income Declaration can be found on the Introducer net. Please print and provide to the customers on application.
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The original Borrowers Income Declaration must be provided by the customer at document sign up.
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Qualification Criteria Applicants
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Primary applicant must be self-employed
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Credit policy requires that applicants be self-employed for a minimum of 2 years
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Customers must meet serviceability criteria. Applicants with poor ratings (i.e. adverse CRAA) and defaults on prior loans will be considered.
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Non-residents and off-shore borrowers are not eligible
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The names of the borrowers must be in the same as the mortgagors (i.e. No third party security is allowed). |
| Loan Term |
Up to 30 Years. |
| Loan Size |
Minimum loan amount $40K
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Maximum loan amount $1.5M or certain locations (refer to LVR section for detailed information). |
| Repayment Type |
Principal and Interest.
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Interest Only capability with a maximum IO term of 10 years. |
| Repayment Options |
Weekly, Fortnightly or Monthly. |
| Extra Repayments |
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| Split Loan Facility |
Low Doc Loans may be taken in combination with each other Maximum 3 loans note a combination of Low Doc and a Non Low Doc loan is not acceptable. |
| Offset |
Not available |
| Redraw Facility |
Yes $10 access fee. |
| LVR |
Investment Maximum LVR 82%
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Construction Maximum LVR 82%
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Refinancing Maximum LVR 82%
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Maximum LVR 82% (65% for larger country postcodes - refer to lender for postcode classifications)
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Loan to Security Ratio (LSR) between 80 and 85% refer to Flyer in Lender Documents LMI Folder.
Premier Advantage Package discounts applicable to variable rate Low Doc loans as follows:
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$150K<$250K 0.40% p.a. discount
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$250K<$500K 0.60% p.a. discount
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>$500K 0.70% p.a. discount
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Establishment fee of $355
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For each additional Low Doc loan, an Establishment fee of $355 will apply.
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Premier Advantage Package fee is $395. |
| Fees |
Establishment Fee $750 ($355 if included within the Premier Advantage Package)
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Additional valuation fees: Independent valuers - for quote contact lender
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Switching Fee $300 (only to other Low Doc products within 1st 3 years)
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Account Keeping Fee $8 per month
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Progressive Draw Down Fee: $300 (payable once only)
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Deferred Establishment Fee $900 will only be charged if a customer closes their loan with Westpac within 4 years of origination for reasons such as re-financing to another institution, selling their property or early
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repayment where they request to close their loan.
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Guarantor Fee $200. |
| Enquire/Apply |
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| Other Low Doc Home Loans |
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| Other Westpac 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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