What is a Low-Doc Loan?
A Low-Doc Loan A loan for those who cannot provide satisfactory financial
information.
- No proof of income required.
- Self employed applicants or full time investors and applications where at least one of the
applicants is self employed.
The terms and conditions with regard to these loans are the same as our other
(lower rates loans).
- Maximum loan amount is $500,000 per security in Sydney & Melbourne ($300,000 in all other
locations) and maximum $600,000 per borrower.
- Maximum is 80% of valuation of property(s).
- Eligible residential securities must be located at least in major regional centres.
- The 'Reduced Documentation' loan is not available to securities located in ACT, Northern
Territory or Tasmania.
The Reduced Documentation Loan applies to:
- Self-employed applicants or full time investors (including family trusts).
- Loans which do not have or require the support of a third party guarantor.
- Borrowers must have clear credit report(s). However one default is allowed provided
it is less than $1000 and has been 'paid' for at least six months.
Advantages:
- No proof of income (but stated income must be satisfactory).
- Long term loans -30 years- with no ongoing fees.
- Split loans also available (variable, fixed and/or Line of Credit).
- No brokerage payable (including Line of Credit).
- Low interest rate (we will look at reducing the rate in the future, to the current standard variable rate with proof of satisfactory income).
BAM is happy to quote you on your Low-Doc Loan.
Please Contact Us or fill out an
Enquiry Form so that we can get back to you.
If you are happy to proceed please fill out an Application
Form.
|
