Resi Lo Doc Home Loan
Benefits of the Resi Lo Doc Home Loan
The Resi Lo Doc Home Loan allows self employed borrowers apply for a mortgage without the hassle of trying to find adequate documentation to prove their entire taxable income. All this is done at a very competitive interest rate, with $0 application fees and $0 ongoing fees.
Borrowers will need to verify that they’ve been self employed for at least 2 years in order to qualify for this mortgage. This can be done by providing the date the business ABN or ACN was registered.
A letter from an accountant, stating that the business is trading solvently may also be required for some borrowers.
There is no need to dig up extensive financial documentation, such as complete taxation returns or financial statements. Customers can declare their income amount using the Income Declaration statement.
However, some borrowers may be required to provide copies of bank transaction statements, or Business Activity Statements showing turn over amounts instead.
Featured Resi Home Loan
The Smart Option Home Loan offers you a super low rate fixed for 1 year, Plus no ongoing, no application fee.
- Interest Rate of 6.49%
- Comparison Rate of 6.99%
- Application Fee of $0
- Maximum LVR With LMI: 95%
- Minimum Borrowing: $50,000
- Maximum Borrowing: $20,000,000
Rates and Fees
The current rates and fees applicable to the Lo Doc home loan are as follows:
| Fee Type | Interest Rate or Fee Charged |
| Variable Interest Rate | 7.52% |
| Application Fee | $0 |
| Monthly Account Fee | $0 |
| Valuation Fee | $236.50 – $350 (depending on location) |
| Legal Fees | >$350 |
Flexible Features
The Resi Lo Doc Home Loan offers customers plenty of flexible features for business owners. Payments can be made to suit cash flow requirements, so set them to be paid weekly, fortnightly or even monthly if you wish.
The Lo Doc home loan can be set to be paid at Interest Only amounts instead of regular Principal and Interest Payments. This can help with cash flow issues for some customers. Interest Only options may also appeal to those using this home loan for investment or business purposes.
Extra repayments can be made at any time with no charge or penalty. Any excess amounts paid into the mortgage account can also be redrawn again later at no cost.
Accessing your cash is also easy with Resi Home Loans, as you can use the secure Internet banking platform to transfer funds, make payments or view your balances at any time. You can also use the easy Phone Banking system at any time of the day or night.
Customers can apply to link a debit card to the account, to make it easier to make payments using funds available.
If it appears the interest rates may be on the rise, it’s possible to fix some or all of the Lo Doc loan into a fixed rate term. Choosing to split the loan so that only a portion of it is fixed leaves a portion variable as well. This allows you to take advantage of the flexibility of a variable rate loan, while enjoying the safety of a fixed interest rate.
Related posts:
- Resi Lo Doc Pro Lite Home Loan
- Resi Smart Pro Home Loan
- Resi Non Resident Home Loan
- Resi Flexi Fix Home Loan
- Resi Fixed Home Loan
- Resi Commercial Property Loan
- Resi Flexi Options Home Loan
- Resi Complete Home Loan
- Resi Flexi Fix Lite Home Loan
- Resi Low Start Home Loan
Top Home Loans
| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing | |
|---|---|---|---|---|---|---|---|
 Loans.com.au - Dream Catcher | A home loan offer with a $0 application fee and one of the lowest available home loan interest rates. | 5.85% | 6.21% | $0 / $375 | 80% | $50,000 / $750,000 |
 
|
 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 |
|
 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 |
|
 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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