Open4Sale
Low Documentation Home Loan Products

Lo Doc Loans are for people who are either self employed, or for people who have a limited financial history.

The benefits of Ratebusters Low Documentation Home Loan Products are clearly detailed below, all you need to do is choose!
Differences between products have been clearly highlighted for your convenience in red.


Click Here
to view our Standard Loans


Ratebusters Low documentation Product schedule
 

Fast Trak Rate Buster LoDoc 60

Fast Trak Fee Buster LoDoc 60
  Designed for the self-employed borrower who hasn’t completed their current tax returns who requires an all-in-one loan account and has a lower lending ratio need. Designed for the self-employed borrower who hasn’t completed their current tax returns who requires an all-in-one loan account and has a lower lending ratio need. PLUS MINIMAL LOAN APPLICATION SETUP COSTS.
Variable Interest Rate 7.73%
effective for new business from 18/11/08

7.93%
effective for new business from 18/11/08
Loyalty Rate Discount N/A N/A
Comparison rate

7.82%**

7.94%**
Application fee .66% of loan amount (gst inc) $0.00
Document Preparation Fee $275.00 $0.00
Valuation Fee $220.00 (metro) $220.00 (metro)
Lenders Processing Fee $275.00 Nil
Allowance to cover Solicitor Costs
(unacertainable, but allow say)		 $230.00 $230.00
Monthly service Fee $0.00 $0.00
Minimum term of self-employment 2 years 2 years
ABN evidence required Yes, for 2 years.
If < 2 years or no ABN, borrowers accountant to confirm min. 2 years of self- employment.		 Yes, for 2 years.
If < 2 years or no ABN, borrowers accountant to confirm min. 2 years of self- employment.
Income figure used for serviceability assessment That recorded on the loan application. That recorded on the loan application.
Redraw Fee No No
Minimum Redraw Amount
No minimum (eg $1) No minimum (eg $1)
Split loan account available Yes (unlimited) Yes (unlimited)
Split loan fee No if option taken at original loan application No if option taken at original loan application
Offset Account No No
ATM Access (Any ATM) No No
Eftpos No No
Cheque Book No No
Fixed rate available No No
Fee to Fix N/A N/A
Additional Repayments Allowed Yes Yes
via Deposit book
Yes Yes
via BPay
No No
via our internet
Yes Yes
via direct credit (eg dividend, or from another bank’s internet)
Yes Yes
Biller payment Yes Yes
Repayment by Bpay No No
Direct Debit Yes Yes
Telephone Banking Yes Yes
Internet Banking
(See bottom of table for
internet banking functions)		 Yes Yes
Salary crediting Yes Yes
Interest Only available Yes (1 to 5 yrs) Yes (1 to 5 yrs)
Owner Occupier Yes Yes
Investment Yes Yes
Construction No No
Term of Loan 10 - 30 years 10 - 30 years
Loan Amount Minimum $50,000
Maximum $1,500,000		 Minimum $50,000
Maximum $1,500,000
LVR up to $1.5M: 60% LVR (no LMI)
up to $1.0M: 60.01%-80% LVR (with LMI)		 up to $1.5M: 60% LVR (no LMI)
up to $1.0M: 60.01%-80% LVR (with LMI)
Lenders Mortgage Insurance (LMI) Mandatory where LVR > 60% with borrower paying premium Mandatory where LVR > 60% with borrower paying premium
Security 1st registered mortgage over residential property 1st registered mortgage over residential property
Vacant Land as security No No
Repayment frequency
Weekly
No No
Fortnightly
Yes Yes
Twice Monthly
No No
Monthly
Yes Yes
Early Repayment Fee (refer brochure) Yes (First 5 years) Yes (First 5 years)
Security Substitution Allowed Yes (Must be simultaneous) Yes (Must be simultaneous)
Internet Access
(This section refers to functions available online)		 Yes Yes
Internet Redraw
Yes (24 hour processing)
Yes (24 hour processing)
Pay anyone
Yes (must be prenominated) Yes (must be prenominated)
Maximum redraw via internet
Available funds Available funds
Online statements
Transaction list only. Transaction list only.
Bpay/Biller payment
Yes Yes
Change frequency/Amount of repayments
No No
Draw Additional payments from nominated outside bank account
Yes Yes
Change Direct Debit details
No No
Change personal details
No No
Reset Password
Yes Yes
Confirm repayment details
No No

Want even more information?
Refer to our Features & Benefits sheets, that provide further explanation on features & benefits, transaction & other costs, construction loan requirements, early repayment fees etc (links below)
Click here for Rate Buster LoDoc Brochure
OR
Click here for Fast Trak Rate / Fee Buster LoDoc Brochure

Please Note: The above information is subject to change without notice. All fees and charges have been based on a single security standard mortgage application within metropolitan areas. Full terms and conditions will be included in the Loan Offer. Other fees and charges are payable including disbursements. Lending criteria terms and conditions apply.

**The Comparison Rate is calculated on a loan amount of $300,000 over a term of 30 years. Fees and charges may be payable. Click here for a comparison rate schedule.

Warning: This comparison rate applies only to the examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Call Ratebusters for all your home loan needs.
We believe we have one of the best home loans in Australia!
© Rate Busters Pty Ltd 2004