Lender Name

WESTPAC

Product Name

VARIABLE RATE INVESTMENT PROPERTY LOAN LOW DOC

Product Type

LOW DOC/VARIABLE

Interest Rates

Latest Interest Rates

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Redraw Facility

Yes $10 access fee.

Offset

Not available

Fees

Establishment Fee  $750 ($355 if included within the Premier Advantage Package)
Additional valuation fees: Independent valuers - for quote contact lender
Switching Fee  $300 (only to other Low Doc products within 1st 3 years)
Account Keeping Fee  $8 per month
Progressive Draw Down Fee:  $300 (payable once only)
Deferred Establishment Fee $900 will only be charged if a customer closes their loan with Westpac within 4 years of origination for reasons such as re-financing to another institution, selling their property or early
repayment where they request to close their loan.
Guarantor Fee $200.

LVR

Investment Maximum LVR 82%
Construction Maximum LVR 82%
Refinancing Maximum LVR 82%
Maximum LVR 82% (65% for larger country postcodes - refer to lender for postcode classifications)

Repayment Type

Principal and Interest.
Interest Only capability with a maximum IO term of 10 years.

Repayment Options

Weekly, Fortnightly or Monthly.

Repayment Method

Direct debit, Internet Banking, Bpay,Phone Banking (interest only Direct Debit Only)

Extra Repayments

Extra payments are permitted.

Special Offers

Premier Advantage Package discounts applicable to variable rate Low Doc loans as follows:
$150K<$250K 0.40% p.a. discount
$250K<$500K 0.60% p.a. discount
>$500K 0.60% p.a. discount
Establishment fee of $355
For each additional Low Doc loan, an Establishment fee of $355 will apply.
Premier Advantage Package fee is $395.

Term

Up to 30 Years.

Loan Size

Minimum loan amount $40K
Maximum loan amount $1.5M or certain locations (refer to LVR section for detailed information).

Mortgage Insurance

Loan Mortgage Insurance applicable for all Low Doc Loans which have an LVR of greater than 60%.

Acceptable Income

Income verification.
Income verification is not required. Rather than verifying the customer/s income, the customers will be required to complete and sign a Borrowers Income Declaration
The declaration includes a statement by the customer along the lines of that the customer is able to repay the loan without substantial hardship.
The Borrowers Income Declaration is to be signed by the customer and returned to the Bank with the Application Form.
The customer must meet all other application and documentation requirements as per usual.
The Borrowers Income Declaration can be found on the Introducer net. Please print and provide to the customers on application.
The original Borrowers Income Declaration must be provided by the customer at document sign up.
Qualification Criteria  Applicants
Primary applicant must be self-employed
Credit policy requires that applicants be self-employed for a minimum of 2 years
Customers must meet serviceability criteria. Applicants with poor tratings (i.e. adverse CRAA) and defaults on prior loans will be considered.
Non-residents and off-shore borrowers are not eligible
The names of the borrowers must be in the same as the mortgagors (i.e. No third party security is allowed).

Product Change

Product switching from these loans within the first 3 years is only permitted to another low doc product.
Note if the customer’s circumstances change and they now have income documentation available and wish to re-finance under a standard product, this can be processed at any time during the 3 years.
A customer will never switch INTO a Low Doc loan product, as income verification would need to have been satisfied for their current loan.

Statements

Issued six monthly

Portability

$300 per move

Split Loan Facility

Low Doc Loans may be taken in combination with each other Maximum 3 loans note a combination of Low Doc and a Non Low Doc loan is not acceptable.

Special Notes

Low Doc Loans can be included within Premier Advantage. Note that the benefits differ to standard products. See Premier Advantage Package profile for details.
Low Docs are available for construction loans, however only for licensed builders (not owner builders). Full valuations are required on all security properties.

Target Market

Self employed borrowers who have difficulty in producing up to date financials. A loan used to buy, construct or refinance residential real estate for investment purposes.