A feature-packed low doc home loan for the self employed. Borrow up to 80% LVR to buy or build your new home
For those who have been self employed for more than two years and want to purchase a home or investment property, the Resi Lo Doc Home Loan could be a valid option. Suitable if you can’t provide all the documents to apply for a standard home loan, this a low cost fully featured lo doc loan mortgage from Resi. Read on for an overview of the features, fees and how the loan works.
|Product Name||Resi Lo Doc Home Loan|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$30,000|
|Maximum Loan Amount||$1,000,000|
|Minimum Loan Term||1 year|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||80%|
|Mortgage Offset Account||No|
|Mortgage 100% Offset||No|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Fixed Interest Option||Yes|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||Yes|
|Repayment Type||Principal & Interest and Interest Only Options|
|Lender's Legal Fee||$385|
|Ongoing Fees||$0 p.a.|
- There is $0 application fee
- There is $0 ongoing service fees
- No need to provide tax returns to verify self-employed income
- Make extra payments and withdraw them using the free redraw facility
- There is a $264 valuation fee
- There is a $385 legal fee
- A $295 discharge fee applies when you close your home loan account
Things to consider about the Resi Low Doc Home Loan.
The Resi Low Doc Home Loan is suitable for business owners who can’t provide all the tax and financial information required to apply for a standard variable or fixed rate home loan. You’ll need to provide documentation that you’ve been self employed for at least two years if you want to apply for this lo doc loan.
This loan is also suitable if you’re building, as it offers a draw down facility, as well as to those purchasing an existing property.
Features of the Resi Low Doc Home Loan
This is what you need to know about the Resi Low Doc Home Loan and how it works.
- LVR. You can use this loan to borrow up to 80% of the purchase price of the property. A maximum loan to value ratio of 80% means you will need to provide a deposit of at least 20%.
- LMI. If you’re borrowing more than 60% of the purchase price of your home, you will need to pay lenders mortgage insurance (LMI). You can add the LMI fee (mortgage insurance capitalisation) to the mortgage as long as you don’t go over 80% LVR.
- Making repayments. Choose to make repayments on a weekly, fortnightly or monthly basis. You can also pay as much on the loan as you want. There are no penalties for making additional repayments.
- Redraw facility. You can ‘redraw’ on any additional repayments you’ve made to the loan without penalty. You also get a debit card linked to your home loan when you get this mortgage. You can use this card to access the additional payments you’ve made on your home loan for over the counter payments or for ATM withdrawals.
- Interest-only options. You have the option of only paying the interest portion of the Resi Lo Doc Home Loan for a period of up to ten years. This feature reduces your repayments for a temporary period. The loan principal is not paid down while the interest-only feature is active.
- Ability to split. You have the option of splitting this loan into up to four different portions. Each portion is issued with it’s own statement, and can accrue interest at a fixed rate.
Fees you can avoid
- Establishment fees. $0. Resi don’t charge you to set up the loan.
- Service fees. $0. There are no monthly or yearly charges when you have this loan.
- Early repayment fees. There are no fees for making additional repayments on your mortgage. Pay as much over the minimum as you want, as often as you like.
- Discharge fee. $295. You’ll incur a discharge fee only if you refinance your mortgage with a different lender.
Fees you can’t avoid
- Valuation fee. $264. This is a mandatory fee to cover the cost of real estate appraisal on the property you plan to buy.
- Lender’s legal fees. $385. For the drawing up of your loan contract and other necessary legalities.
Applying for the Resi Low Doc Home Loan.
To apply for the Resi Low Doc Home Loan, click the 'Enquire' button to open up the Resi website. You can complete a quick application, a full online application or request an appointment with a Resi lending specialist.
The more information you can provide to Resi about your finances, the better. Make sure you have as much information as possible about the following.
- Employment history.
- Assets and liabilities.
- Some details about the property you want to buy or build.
Resi know that business owners may have difficulty getting all their financial documents in order in time to get their dream home — their low doc business specialists are business owners too. Click the 'Enquire' button to go to the Resi website and set up a meeting with a Resi mortgage specialist.
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Resi Lo Doc Home Loan Interest Rate History vs RBA Cash Rate Graph
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