Bank West Low Doc Home Loan

Main Features and Fees...

Company
Interest Rate	Enquire Here
Products Available	Low Doc > 60% and <60%, Fixed Rates available
Offset Account	Yes 100% Offset plus $15 per month fee. No offset without fee
Redraw Facility	Yes free or $1,000 minimum and $50 over the counter
Extra Repayments	Yes
Lump Sum Repayments	Yes
Product Change	Yes only after 2 years if moving to full document product
Portability	Yes, $350 fee applies
Construction	Yes, $80 per progress payment - can be up to 5 progress payments
Split Loan Facility	Yes
Principle and Interest Payments	Yes
Interest Only Payments	Yes, up to 5 years for investment and construction purposes
FEES
Upfront Fees	$700 plus $60 for East Coast residence
Ongoing Fees	Nil, 100% offset @ $15 per month and fixed rates @ $12 per month
Early Exit Fees	Nil
Discharge of Mortgage Fees	$600

Notes

The Bank West Low 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

Self Employed, Contractors and other who have the income to service a home loan 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% ABN needed for 1 year, if 60% to 80% need ABN in place for 2years. BAS Statements not required.

Loans in personal names only

No company names

No Guarantors

Maximum of two borrowers incomes can be used for serviceability, for deals with LMI

If income of >$75K: Non LMI (LVR<=60%) and LMI (LVR 60%-80%) - then borrower is to be registered for GST for the same length of time as ABN has been registered. (ABN must be registered >1 year for LVR>60% and ABN must be >2 years for LVR 60%-80%)

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