The features of this low doc loan product have been assessed as meeting the likely objectives, financial situation and needs of:
- consumers who are looking for funding to purchase an owner occupied or residential investment property and/or refinance existing debt and/or debt consolidation and/or equity release (“cash out”) secured by residential property;
- consumers who are PAYG employed or who have been self-employed for more than 12 months (ABN registration of more than 24 months & GST registration of more than 12 months) and have no credit impairment history (paid defaults of up to $500 may be considered);
- consumers who want the flexibility to make additional repayments at no additional cost; and want the option of either principal and interest or interest only repayments; and / or • whilst variable interest rates may fluctuate, the product meets the likely objectives, financial situation and needs of consumers in the target market because it allows them to make additional repayments to reduce interest payable whilst retaining the ability to draw on those funds when required.
- Self-employed with limited financial information (Alternative Documentation – Lo Doc) This product also provides access to finance for consumers who are self-employed and have limited levels of information in relation to employment and income and are therefore unable to provide the financial information necessary to access a lower interest rate. Alternative income documentation may include Accountant Letter, business bank statements or Business Activity Statements (BAS).