Effective Close of business 30 April 2010 Bankwest Low Doc Home Loans will be withdrawn from sale.

What does this mean?

Refinances will no longer be available, using a Bankwest Low Doc Loan.

For purchases there will be the re launch of the Easy Doc Product. This means there will only be one rate irrespective of the LVR. The Easy Doc Home Loan will automatically roll to the Lite Home Loan after the 3rd year anniversary date.

Updated March 2012

Bankwest Low Doc Loans have the following features:-

BankWest Low Doc Home Loan

No BAS
No monthly account fee
A straight-in variable rate home loan product for self-employed borrowers.
Self declaration form with an accountants sign off
New Purchases max lend = 80% LVR – $1m
Max lend $2.5m per loan without LMI
Refi available only on land to 60% where obtaining construction funds
100% offset account available
No trading statements required
Can roll to any product if satisfactory conduct throughout previous two years
LVR = 60%
LVR = 80%

Refinancing Low Doc Loans

Bankwest will still not do refinances with their Low Doc Loan product, however we do have other lenders that will refinance Low Doc Loans up to 80% of the value.

Purchasing

Bankwest will do purchasing through their Low Doc Loans and have two tiers. One low doc loan is done up to 60%. The other low doc loan is done up to 80% and is at a slightly higher rate and will need to be mortgage insured. Both Bankwest Low Doc Loans require an accountants letter, however, if you need an alternative without an accountant’s letter this is possible. With the alternative the main criteria is there must be substanial deposits into the business entity’s bank trading account for the last 12 months.

Want to know more please call us on 1300 LOW DOC,   1300 569 362

Low Doc loans are historically divided into two categories. Low Doc Loans without mortgage insurance and low doc loans that are mortgage insured.

60% LVR

Generally low doc loans 60% or less do not require mortgage insurance.  For this reason they are easier to qualify for. However, they do require 40% equity.

Up to 80%

These low doc loans are normally mortgage insured, however, it is possible to get 80% low doc loans without BAS, without mortgage insurance. For the mortgage insurance low doc loans, one of the first things looked at is the postcode. In many cases, the postcode of the security property will determine what level the mortgage insurer will go to. To search these mortgage insurance postcodes, click on this location wizard, and enter your postcode.

The figure under LMI Self Certified is the maximum loan size the mortgage insurer will consider in that postcode.

If your postcode returns “On Application”, then this generally indicates that in the eyes of the mortgage insurer the security area may not be as strong.