Bankwest Easy Doc Home Loan
Self employed people can find it hard to be approved for a home loan because they may have difficulty in providing the financial documents that most loans require. The Bankwest Low Doc Home Loan allows self employed people to attain a home loan by not needing the financial documents to be approved for a loan. The Bankwest Low Doc Home Loan offers a competitive variable interest rate for the first three years of the loan and has many additional features that can help you save money.
Features of the Bankwest Low Doc Home Loan
The Bankwest Low Doc Home Loan comes with a variety of features. These features are:
- Easy application process. The main feature of the Bankwest Low Doc Home Loan is the streamlined application process. When you apply for the Bankwest Low Doc Home Loan you do not need to provide evidence of your income. To substitute for this you will just have to legally declare your earnings.
- Who is this loan suited to. The Bankwest Low Doc Home Loan is generally suited to self employed people. The main feature of this loan is the lack of documentation that is required to secure this loan. Self employed people generally will have trouble providing financial records even though they have a significant income. The Bankwest Low Doc Home Loan is designed to suit their needs.
- 100% interest offset account. The Bankwest Low Doc Home Loan provides you with a 100% offset facility. The interest calculated on your home loan is calculated against credit balances in linked Bankwest offset accounts. This means that the more money you have in the offset account the less interest you will pay. This will significantly reduce the total amount you will pay into the loan account through repayments.
- You can make additional repayments. The Bankwest Low Doc Home Loan allows you to make additional payments for no extra cost if you have some extra money. By doing this you are reducing the amount of interest that will be charged to your account as well as reducing the time it will take to pay off the loan.
- Unlimited redraw facility. If you choose to pay additional funds or if you build up equity on your home you can redraw these funds for no extra charge. This is a great feature that will allow you to get quick access to funds when you need them most.
- Valuation fees. The application fee covers the valuation fees. The valuation fees vary depending on the state or territory you live in. Parts of these fees are covered by Bankwest. Bankwest will cover a maximum of:
- Borrowing terms and conditions. The Bankwest Low Doc Home Loan allows you to borrow up to of the value of your property. You will have to provide a cash deposit for the rest of the home value.
- Repayment options. The flexibility of the Bankwest Low Doc Home Loan allows you to choose between paying the repayments weekly, fortnightly or monthly.
- Can you reduce the interest. All low doc home loans attract a higher interest rate due to the increased risk the provider is taking. However if you repay your Bankwest Low Doc Home Loan flawlessly over a three year period the variable interest rate will switch to the low rate Lite Home Loan.
- $180 + GST in Western Australia, any amount in excess of $180 + GST is to be met by you.
- $175 + GST in South Australia, any amount in excess of $175 + GST is to be met by you.
- $200 + GST in Queensland, New South Wales, Tasmania, Victoria and ACT, any amount in excess of $200 + GST is to be met by you.
- $210 + GST in the Northern Territory, any amount in excess of $210 + GST is to be met by you.
Low doc home loans are designed for self employed people. The Bankwest Low Doc Home Loan offers exactly this while also providing a feature packed loan to help you save more. While you do have to pay a higher interest rate for the first three years, the interest rate will return to a normal rate if you have no difficulty in paying off the loan and when you work with Home Loan Finder to secure your loan, you can be sure you are getting a rate lower than the bank and mortgage brokers can offer you.
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| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing |
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The other thing is that, if you have a co-signor who has a more normal income stream, the lender may forgive the typical premium you pay on interest for being self employed.
I would like to refinance my existing property & using its equity to purchase another property.Please advise is second mortgage or Easy Doc Home Loan a better option.The max LVR is 80%.Your prompt action is kindly appreciated.Many Thanks!
Kind Regards