Homeloans Lo Doc Line of Credit has a credit facility that is suitable for property investors and owner occupiers. Borrowers can choose from four credit options.
Homeloans has designed the Lo Doc Line of Credit as a flexible line of credit that accommodates even self-employed persons who cannot provide tax returns.
There are three options available with this line of credit. The line of credit can be used to for various purposes including purchase of property and land or construction depending on the type of loan you apply for.
Things to consider about this home loan
Homeloans Lo Doc Line of Credit is accessible to companies, trusts and individuals as well. As highlighted above, these loans are available for different purposes, but this will depend on the specific line of credit you apply for.
The loans are designed to be highly flexible, both variable and fixed rates are available. You can choose to make principal and interest repayments or interest-only repayments for a fixed duration of time.
Features of the Homeloans Lo Doc Line of Credit
- Loan options. There are four loan options available with Homeloans Lo Doc Line of Credit. While these credit options have similar features, they have a good number of features that are unique to each of them. These loan options are: Homeloans Ultra Lo Doc, Ultra Plus Lo Doc, Ultra Lo Doc LOC and Ultra Plus Lo Doc LOC.
- Repayment flexibility. There are various repayment options that you can use and these include: BPAY, salary credit and direct debits. In addition, you can choose to make repayments weekly, fortnightly or monthly. Additional repayments can be made with all four line of credit options.
- Interest rate options. Borrowers have three interest rate options and these are variable rate, fixed rate and the split rate option. However, the split rate option is only available with Homeloans Ultra Plus Lo Doc Line of Credit. Borrowers can access a split rate term of 1 to 5 years.
- Loan features. There’s a good number of features available to borrowers of the Homeloans Lo Doc Line of Credit. These include: access to phone and internet banking, redraw facility accessible through online and phone banking, direct credit ATM and EFTPOS. Some of the loan options also allow the borrower to avoid ongoing fees.
Fees you can avoid
- Ongoing fees: Annual ongoing fees are avoidable, but only by borrowers of the Homeloans Ultra Lo Doc and Homeloans Ultra Lo Doc LOC loans.
- Exit fee: Homeloans does not charge a Deferred Establishment Fee (DEF) on loans that were applied for after July 1, 2011.
- Lender’s Mortgage Insurance (LMI): Lender’s mortgage insurance is a one-off charge that is added to your home loan if you cannot pay a large deposit upfront. This fee can be avoided if you borrow below 60% of your property’s value for a low-doc loan.
Fees you can’t avoid
- Annual fee: An annual ongoing fee of $330 applies to borrowers of the Ultra Plus Lo Doc Line of Credit and Ultra Plus Lo Doc LOC.
- Redraw fees: Redraw fees may apply depending on the redraw facility you use. Find out what charges apply with ATM redraws.
How to apply for this Line of Credit home loan
Eligibility criteria for the Homeloans Lo Doc Line of Credit :
- Age requirement : Applicants must be at least 18 years of age.
- Residency requirement: Applicants must be Australian permanent residents or citizens to apply for the line of credit.
All applicants will be contacted by a credit officer who will provide the complete application form. Below we highlight information requested in the initial online application form.
- Personal information. This includes your name, address phone number and email address here
- Financial information. The lender will want to know if you’re an employed or self-employed, your gross annual income along with bonuses, commissions, overtime and other sources of income.
Homeloans Lo Doc Line of Credit offers various home loan options. Compare the features offered with the different loans to identify the best one for your needs.