Access your equity with a flexible home loan even if you're self-employed
With the St.George Bank Low Doc Portfolio Loan, business owners and the self-employed can access the equity in their home to purchase an investment property, go on a trip, or do anything else they deem worthwhile. This loan also provides flexibility in repayments and the option to split the loan into as many as 10 sub-accounts with fixed or variable rates.
For borrowers who aren’t interested in line of credit home loans, St.George also offers a range of regular variable and fixed rate home loans.
Things to consider about the St.George Low Doc Portfolio Home Loan
The St.George Low Doc Portfolio Home Loan can be used as a personal or business line of credit. A line of credit loan differs from a regular home loan in that it uses the equity in your home to secure funds which you can then use as you please. There's no set repayment amount, as long as you pay at least every month, and interest only applies to the amounts you borrow.
As mentioned above, this loan caters to those who aren't able to provide regular income evidence. For individuals who do not receive traditional forms of payment, other forms of proof of income such as business activity statements will be accepted.
The primary sub-account for the loan is required to have a variable interest rate, but up to ten additional sub-accounts can be created with a combination of fixed or variable rates.
You should also note that discounts are available for different loan amounts.
Features of the St.George Low Doc Portfolio Home Loan
- Loan to Value Ratio (LVR). You can borrow up to 60% of the home’s value or 80%, but note that borrowing over 60% will mean you have to pay Lender’s Mortgage Insurance (LMI).
- Repayment frequency. You can make repayments on your loan as often as you like, as long as there's at least one monthly repayment. Interest will only be applied to your outstanding balance.
- Repayment types. Additional repayments can be made at any time, but with any fixed rate sub account this cannot exceed $10,000 annually.
- Sub-accounts. You're allowed up to ten separate sub-accounts including your primary account. Each of your sub accounts can be set up for different needs and each may have different ownership structures. For each sub account you will be sent a separate monthly statement.
- Availability. This loan is suitable for home and vacant land purchases, in addition to building, provided that there are contracted builders.
- Rate lock. If you opt for a fixed rate, you are able to lock in the advertised rate for up to 90 days before the loan is settled. This stops you from receiving an inferior rate in the time it takes for your loan to settle. There's a charge of at least $500 or 0.15% of the loan amount for this feature.
Fees you can avoid
- Sub-accounts. Each sub-account carries an additional $100 charge. Think carefully about your sub-accounts before opening them to avoid extra charges.
Fees you can’t avoid
- Establishment fee. A charge of $750 is applied to establish your home loan.
- Valuation fee. If the bank needs to make a value assessment of the property you will be responsible for the third party fee. The price will start at $164 but will vary depending on the location and value of the property.
- Ongoing fees. This loan will charge either annual or monthly fees depending on your choice. You can opt to pay a monthly fee of $17 per sub-account or you could pay a yearly charge of $250 regardless of the number of extra accounts you have.
Know how much you want to borrow? Use our calculator to find out what your repayments will be
How to apply for the St.George Low Doc Portfolio Home Loan
St.George allows certain borrowers to apply for this home loan online. The initial process will take between 10 and 15 minutes, but before you begin check that you have what you need to apply:
- Your Australian Business Number (ABN) or Australian Company Number (ACN)
- The previous 12 months worth of Business Activity Statements (BAS)
- If you're refinancing, you'll need to provide the past six month's worth of loan statements
- Loan statements for loans and other debts you're not refinancing from
- Joint home loans with a PAYG partner will be required to meet St.George's regular income and employment criteria
This loan is specifically designed to help you finance other investments and purchases besides your home even if you don't receive a regular PAYG income. Check the details carefully and compare them to those of similar loans that other lending institutions offer to find that one that will benefit you the most.