PMG Standard Lo-Doc Home Loan
Review: PMG Standard Lo-Doc Home Loan
PMG offers a variety of loan products, however, one of the most exciting ones to date is the Lo-Doc home loan.
What Is The Lo-Doc Home Loan?
The Lo-Doc home loan is a product available to customers who need more relaxed income validation requirements. If you are self-employed or have sporadic income, this is a very good choice. Also, if you are a PAYG person then this product is something to consider.
You can disclose how much income you make but you do not necessarily have to substantiate it. Your asset and liabilities should be able to provide enough qualifying information about your income capabilities.
The mortgage is secured by your first mortgage on a residential property or investment that you specifically own. The property cannot be used for business purposes and the payment of your taxes is not included.
You are able to consolidate up to three other loans that you might have through credit cards or other types of consumer loans. However, the loan cannot be used to construct a home. If you have a loan that does not require LMI (lender mortgage insurance) then you do not have any restrictions on how much you can cash out on your loan. If you do have a loan that requires LMI then you have a $100,000 cash out limitation.
The term of the loan is from 10 to 30 years and the security locations are in areas in the capital city and in certain centres regionally.
If you are interested in doing a combination loan, you can split them in several ways. You can combine it by your loan purpose. For example, personal + investment. Or, you can combine it by your loan type. For instance, variable P & I + IO. Or, you can combine it by security type like owner occupied property + investment property A + property B.
The Low-Doc loan requires a valuation. For repayment, you have several options. You can pay principle plus interest or you can opt to pay interest only for 2 – 5 years or you can choose a variable rate mortgage. You also have a couple of different options for the frequency of your payments. You can also pay monthly or every two weeks. For the fortnightly payments, they can only be done by direct debit.
The order in which your repayments are applied is interest for the current month, interest that are in the arrears or are from prior months then any outstanding fees and charges and the principal. You also can make additional payments and you will not be penalised for doing so.
There is also a salary crediting option. Just ask the loan officer for additional details.
Your interest is capitalised the last day of the month on the calendar and is also capitalised upon termination of your loan.
If you want redraw access to your account, it can be done through the telephone or through internet banking. It must be connected to a pre-nominated account.
Along with their great interest rates, you will also enjoy the additional benefits that make them the bank with the best value. Your application is free along with your valuation. You never pay a settlement fee and your monthly or annual fee is $0. It is easy to understand why more and more customers are turning to PMG for their home loan needs.
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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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