|
Lender |
 |
|
Lender Name |
BANKWEST |
|
Product Name |
EASY DOC
HOME LOAN |
|
Product Type |
LOW DOC |
|
Interest
Rates |
Latest
Interest
Rates
Compare
Other
Lenders |
|
Target
Market |
The Bank
West Easy
Doc Home
Loan is a
low
documentation
or self
certification
home loan,
with a
variable
interest
rate for
self
employed
borrowers
who have
complicated
income
structures
or are
unable to
provide up
to date
financial
information.
Not eligible
for
customers
with
existing
BankWest
business
lending |
|
Repayment
Type |
VARIABLE
Interest
Only
available
for
construction
loans 12
months only
Interest
Only for
investment
loans up to
5 years |
|
Repayment
Options |
Weekly,
fortnightly
or monthly
Interest
Only payable
monthly |
|
Repayment
Method |
Payments
made via
direct
payment |
|
Extra
Repayments |
Extra
repayments
allowed at
any time |
|
Special
Offers |
Automatic
rollover
after 3
years to the
BankWest
Lite Home
Loan rate. |
|
Term |
Maximum loan
term 30
years |
|
Loan Size |
Minimum $20K
Maximum $1M
with LMI
Maximum
$2.5M with
LVR less
than 60% no
LMI required
i.e Sydney,
Melbourne,
Brisbane 80%
LVR Max
$800k
Perth,
Adelaide,
80%LVR max
$500k
Vacant land
75% LVR max
$200k |
|
Mortgage
Insurance |
Clients can
borrow up to
60% of the
value of the
property
without LMI
and up to
80% with LMI
(different
for country
and regional
areas) |
|
Acceptable
Income |
Self
Employed,
Contractors
and other
who have the
income to
service a
home loans
but may not
have the tax
returns or
financial
statements
normally
needed to
qualify for
a home loan.
Must have an
ABN number
in place to
qualify for
this
product. If
LVR <60% |
|
Fees |
Application
Fee $700
Note
Valuation
for
properties
>than
$1million
contact
lender for
quote
If the
customers
legal costs
are above
$300 the
customer
will be
required to
pay the
additional
costs
Nil ongoing
fee but if
Offset
Account
taken Fee
applicable
$15 per
month
Annual Line
Fees Nil
Settlement
Processing
Fee Nil
(included in
application
fee)
Increase
fee = or
<$50k fee
will be
$350 >$50k
fee will be
$700
Account
Keeping Fee
Nil
Legal Fees
Nil
(included in
application
fee)
Access Fees
$45 / $1000
min redraw
Company /
Trust Fee
$300
Rework fee
$100 to be
charged when
a customer
initiates a
change to
the terms of
their
application
after Loan
documents
have been
issued.
Express
Courier Fee
$7.87
(payable for
all non WA
Based
Housing
Loan)
Settlement
Fee $50
applicable
to East
Coast Only
|
|
Offset |
100% offset
account is
available
BankWest
Easy Doc
Offset
Account a
$12 monthly
fee applies |
|
Redraw
Facility |
Available
$50 per
redraw,
$1000 min
Online
Redraw
facility
available No
redraw fee
no minimum
redraw
amount
$0.25cents
for internet
transaction
applies |
|
Product
Change |
Can switch
to normal
product
after two
years
provided
good loan
conduct is
held. If
switching to
P&I
repayments
no income
verification
is needed.
If switching
to I/O
repayments,
then a full
credit
assessment
is required.
Please note
that after 3
year loan |
|
Statements |
Issued 6
monthly |
|
Portability |
Available
$350 |
|
Split Loan
Facility |
Available
(same name
and same
security) |
|
Special
Notes |
Rural
Residential
conditions
apply
Available to
First Home
Owners.
Disbursal of
the Easy Doc
Home Loan
Cash Out no
cash out
restrictions
Where the
purpose for
an Easy Doc
Home Loan is
for anything
other than
the purchase
or
construction
of property
(i.e.
personal
use), and
the amount
to be taken
for this use
is $150,000
or more, the
Bank is
required to
control the
funds. This
effectively
means that
the Bank
must manage
the payment
of the funds
to the third
party. |
