Lender

Lender Name

CBA-COLONIAL

Product Name

LOW DOC

Product Type

LO DOC - SELF EMPLOYED APPLICANTS

Interest Rates

Comparison Rate Schedule

Latest Interest Rates

Compare Other Lenders

Target Market

A Low Doc enable you to offer Home Loans & Investment Loans to self employed applicants who are unable to provide the usual verification documentation in the last 1 years taxation returns or financial statements and most recent Taxation Notice of Assessment

Eligible borrowers have 20% equity

an existing real estate

hold equity from recent sale of real estate

can provide evidence of 20% equity as genuine savings

Repayment Type

Principal and Interest and Interest Only and Owner Occupied and Investment, Line of Credit

Loan options available Standard Variable Rate Home Loan and  Standard Variable Rate Investment Home Loan

Fixed Rate Loans for 1 to 5, 7, 10 & 15 years

Rate Saver loans (excluding 1 & 3 Year Special Rate Savers)

Low Doc loans in MAV/MAVPlus packages:

Standard Variable Rate Home/Investment Home Loans;

Fixed Rate Loans for 1 to 5, 7, 10 & 15 years

Lines of Credit

Only the standard package discount can be given for Low Doc loans (i.e. no further discounts) and the standard package fee policy applies.

Loan options not available

All Intro Loans

Equity Advantage

Repayment Options

Weekly, fortnightly or monthly repayments

Repayment Method

Repayments to be made via direct credit from salary and made by direct debit from a bank account

Extra Repayments

Extra Repayments: Permitted

Special Offers

MAV/MAVPlus concessions available

Rates for loans >$150K< $250K receive 0.40% discount off the SVR, REF/Ref Rate LOC & Low Doc &  Low Doc LOC.

Receive 0.70% p.a. discount off the Standard Variable Rate and Colonial Line of Credit.

Rates for new Low Doc Loans of $250K or above, within MAV Receive 0.15% p.a. discount for new or maturing Fixed Rate Low Doc Loans within MAV.

Term

Minimum: No minimum
Maximum: 30 years (subject to expected retirement age of applicant), Interest Only Period - 5 years

Loan Size

Minimum: $10K
Loan amount 300K to $1,000,000 subject to LVR % requirements
Applications that exceed $1,000,000 will be considered by Genworth on a case by case basis.

Mortgage Insurance

LMI payable by customer

Max 82% LVR with capitalized LMI premium

Eligible borrowers must have 5% equity which cannot be borrowed from an unsecured loan source when applying for standard LMI and 20% equity for Low Doc loans.

For all LMI loans (including Low Doc) the most recent primary transaction account must be provided to confirm satisfactory

account conduct.3

Postcode restrictions no longer applicable

Acceptable Income

2 years Self Employed (Self Declaration)
Note one applicant must have been self-employed within the same industry (within Australia) for at least two years.

Fees

Application Fee:  $600 ($300 for second loan if there is an existing   loan).

For new loans $600 for 2 loans then $300 for each subsequent loan

Monthly Loan Service Fee:  $8

Account Service Fee - This fee is charged on the first business day of each month to Line of Credit customers.

A settlement fee of $100 will apply to all H/L Invest Loans/ Lines of Credit/ where the bank is required to physically attend a settlement and where a new mortgage security to be obtained (Fee displayed as Mortgage Preparation )

Settlement Fee - Discharge: $300

Stamp Duty on the Mortgage

Calculated on the amount of the loan and payable to the State Government Stamp Duty authority

NB: If the customer is buying a property, Stamp Duty on the transfer purchase price will also be payable to the State Government.

Refer the customer to their solicitors as to other costs they might incur.

Other fees and charges are payable.

Progressive Drawing Fee:  $50 per drawing (maximum of 5 drawings)

Switching Fee:   Up to $600 (where switching is allowed)

This fee is payable if your customer applies to switch all or part of their home loan or investment home loan to another home loan or investment home loan product.

It does not include any out-of-pocket expenses which may be payable to a third party e.g. Stamp Duty

Valuation Fee

This fee is included in the standard establishment fee.

Deferred Establishment Fee $700 applicable if loan is repaid out within 4 years from the first loan drawing

This fee is payable when the Bank (or its representative) is required to attend settlement for

The purchase of a security property, or for the refinance of a loan with another credit provider

Security Substitution -  $300 Security Substitution Fee

If your customer substitutes new security for the loan, they must pay this fee plus any other applicable Bank fees and Government charges

LMI Arrangement Fee - The amount of LMI payable may vary according to individual loans and is based on the loan amount. Note a LMI Arrangement fee, $20.00 will apply

Deferred Establishment Fee $700 applicable if loan is repaid out within 4 years from the first loan drawing

Offset

Yes MISA

Redraw Facility

Available minimum of $500 electronic

Product Change

Not Permitted

Statements

Issued 6 monthly

Portability

Yes

Split Loan Facility

Non applicable

Special Notes