Resi Lo Doc Line of Credit
Features of the Resi Lo Doc Line of Credit
Many business owners and self-employed customers find that their cash flow isn’t always predictable. While they’re able to easily afford the repayments on a home loan each month, there are times when they need access to extra cash and times when they need to think about improving cash flow in other ways.
As long as you’ve been self-employed for more than 2 years, you could qualify for the Lo Doc line of credit home loan with a very competitive interest rate.
This is where a Line of Credit can be ideal. The flexibility of a line of credit loan means easy access to cash whenever you need it. Add to this the simplicity of applying for a home loan without providing the extensive financial documentation that other banks require, and it’s easy to see why this loan is perfect for the self-employed.
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
Flexibility
The flexibility of this type of home loan is unparalleled. You can leave cash flow sitting in the account until you need it, or access it whenever you want it. There is no penalty for making extra payments and no cost for redrawing your own money at any time. This account is designed to be used in much the same way as a regular transaction account, except there is an approved credit limit on it. Payments are charged at interest only once a month, based on the amount owing.
Accessing your money is also very easy with Resi. You can set up direct debits from your account to pay bills. You can access the secure online banking website at any time to view your accounts, make payments, or transfer funds. You’re also able to use Phone Banking.
A debit card and cheque book can be linked to your account to make it even easier to access your money when you need it.
Sub-Accounts
Many self-employed borrowers may find it useful to create a sub-account separate to the primary account. This is where you split a portion of your available credit limit off into a smaller sub-account to be used for other things.
This makes it very easy to keep track of different types of spending. You might choose to create a sub-account to keep any GST or PAYG payments in until it’s time to pay them. You might prefer to separate any investment accounts you have, to make financial reporting much easier for you at tax time. You could also choose to create a sub-account so you can keep personal and business spending completely separated.
Resi Home Loans will allow up to four sub-accounts off the primary account.
Rates and Fees
| Fee Type | Interest Rate or Fee Charged |
| Interest Rate | 7.67% |
| Application Fee | $0 |
| Monthly Account Fee | $0 |
| Redraw Fee | Nil |
| Valuation Fee | $232.50 – $350 per property (location dependent) |
| Legal Documentation Fees | >$396 |
Related posts:
- Resi Line of Credit Equity Home Loan
- Homeloans Ultra Plus Line of Credit
- Resi Lo Doc Pro Lite Home Loan
- Homeloans Ultra Line of Credit
- Resi Pro Lo Doc
- eChoice Line of Credit Home Loans
- RAMS Line Of Credit Low Doc
- Bank of Queensland Line of Credit HLPP $150k to $200k
- Homeloans Ultra Plus Lo Doc Line of Credit
- RAMS Line of Credit
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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