This loan is a pure
asset-lend, no documentation loan. It must be unregulated i.e. business or
investment purposes only and suits those borrowers who do not wish to
provide any details regarding income - Income must
be self-certified.
Note: Residential owner occupied
loans are not accepted for No Doc Loans
|
Applicant type
|
All types
|
|
Location
|
Population
10,000 and over
|
|
Income: required proofs
|
No BAS statements,
accountants letters, bank statements, tax returns, or business
financials
|
|
Loan amounts
|
From
$100,000 to 2 million
|
|
Purpose
|
Residential
Investment Only - Purchase or Refinance,
|
|
LVR
|
Up to 65% LVR
|
|
Coded, non-coded, or either
|
Non coded
|
|
Credit related issues
|
Clear Credit
Only
|
|
Variable, fixed or both
|
Both
|
|
P&I, I/O, or both
|
Both
|
|
Loan Term
|
20 or 25 years
|
|
Acceptance
Fee
|
1%
|
|
Lenders Legals
|
Non-Complex
transactions approx $1,500
|
|
Valuations
|
At Cost
|
|
Brokerage Fee
|
1% of Loan
(payed at settlement)
|
|
Mortgage
Insurance
|
No Mortgage
Insurance Payable
|
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