MyRate Low Doc Loan
Posted July 22nd, 2010
and last modified January 31st, 2012
What happens when I click Enquire Now?
- Clicking Enquire Now will take you to the lender's website
- After completing the contact form, a mortgage expert will contact you
- The mortgage expert will ensure you find the right loan, calculate your repayments, and explains all the associated fees
- After going through the enquiry process you will be able to know how much you can borrow, begin your application when you are ready to apply and be approved for a home loan
Self employed people often have trouble getting approved from a loan. This is because they may have trouble proving they have a consistent income. MyRate offer a low doc home loan to assist self employed people attaining a home loan. These loans are standard home loans with higher interest rates which don’t require any documentation to prove income. Most providers simply need a signed statutory declaration to ensure you will pay the loan.
Features of the MyRate Low Doc Loan
The MyRate Low Doc loan offers a home loan with many additional features to cater to self employed people. These features include:
- Streamlined approval process. The MyRate Low Doc Loan account is usually suited for people who are self employed. The streamlined application process requires no statements of income and minimal supporting documentation. Not only does this speed up the application process but it also allows people who are self employed to secure a loan. To be eligible for this loan as a self employed person you must be able to show your ABN has been active for at least 2 years.
- How much can you borrow. You can borrow up to 60% of your home valuation on this loan as long as these values fall between $100,000 and $1,500,000. The loan duration can be from 10 – 30 years in total.
- No account fees. There are no account legal, valuation, settlement or redraw fees associated with the MyRate Low Doc Loan account.
- The option to split your account. You are able to split the loan account 4 times so each part is subject to different interest rates.
- Switching to the advantage loan rate. You can at any time switch to the lower rate Advantage Loan if you are able to provide proof of income and other supporting documents.
- You can credit your salary to the loan. You are able to credit your salary to the loan account when paying the principal and interest portion of the loan. This is a useful feature to lower the interest that accumulates on your loan. With this feature coupled with the redraw facility you could charge all monthly expenditures on your credit card and before the interest is charged withdraw the amount owing on your credit card from the MyRate Low Doc Loan account. By taking advantage of these two features you can ensure you pay as little interest as possible.
- 100% interest offset account. In addition to crediting your salary to the loan account you can further reduce the interest payed by taking advantage of our 100% interest offset account. If you have savings you can place these funds in the interest offset account. The interest of the MyRate Low Doc Loan account will then be calculated from the total amount owing on the loan, minus the amount in the offset account. If you are able to take advantage of the interest offset account, the salary credit and the free redraws you should be able to significantly reduce the amount of interest you will pay.
The MyRate Low Doc loan is a loan which is tailored to suit the needs of the self employed. If you have trouble proving your income or do contracting work and can have a very variable income. The MyRate Low Doc home loan attracts a slightly higher interest rate but has many features available and the possibility of reducing your interest rate in the future. You can find out more about the benefits of a low doc loan by discussing your needs with Home Loan Finder.
Read the MyRate Low Doc Loan terms and conditions.
| Minimum Loan Amount | $100,000 | |
|---|---|---|
| Maximum Loan Amount | $1,500,000 | |
| Maximum LVR | 60% | |
| Mortgage Offset Account | No | |
| Loan Redraw Facility | No | |
| Split Loan Facility | No | |
| Fixed Interest Option | No |
| Interest Rate Type | Variable | |
|---|---|---|
| Interest Rate | 7.30% | |
| Comparison Rate | 7.20% | |
| Repayment Type | Interest Only | |
| Repayment Frequency | Weekly | |
| Extra Repayments | No |
| Application Fee | $0 | |
|---|---|---|
| Service Fee | $0 |
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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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 Bankwest Online Home Loan | A low interest rate home loan with a $0 application fee and ongoing maintenance fees. This offer is exclusively available by applying online. | 5.97% | 5.97% | $0 / $0 | 80% | $100,000 / $1,000,000 |
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 Illawarra Home Loans Bank Beater Home Loan | A low variable rate, beaten down even further by 0.05% p.a. after 5 years. | 6.07% | 6.35% | $0 / $345 | 90% | $250,000 / $1,000,000 |
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 State Custodians Mortgage Company Standard Variable Offset Loan | Awarded Mortgage of the Year 2012 – this multi-award winner features 100% offset and a loyalty 0.25% rate drop after 5 years. | 6.02% | 6.23% | $0 / $345 | 95% | $150,000 / $1,000,000 |
|
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