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Advest No Fuss Lo Doc Loans

Product Guide

Loc Doc options are available on all loans. They are ideal for self-employed borrowers. The documentation required to support the application is reduced as the borrower signs a Statement of Income (known as a Borrower Declaration). This means that no other evidence of income, such as financials, payslips or statutory declarations from your accountant is necessary. The Loc Doc loan can be applied to both owner-occupied and investment properties and can be used for purchase, refinance or equity release.

The 2% discounted interest rate* option is available on all Lo Doc Loans.

Who Can Apply? Any borrower who is currently self-employed and has been for the past two years. PAYG borrowers are allowed as co-borrowers and will need to submit standard income verification.


How To Apply All standard parameters apply with the addition of the following:
• Maximum individual loan amount is set at $2,000,000
• Loan to Value Ratio is set accordingly:
• Up to 80% on loans up to $1,000,000
• Up to 60% on loans greater than $1,000,000
• This option applies to both owner occupied or investment properties.
• Can be used for purchase, refinance or an equity release
• Land must be available if applying for a Stated Income Land Loan.
• Where the loan amount is less than $600,000 and there is a 65% or greater LVR, the Net Serviceability Ratio (ability to repay) must be equal to or greater than 1.50
• No evidence of income is required for self-employed applicants.
• The borrowers credit report must indicate no outstanding defaults or judgments
• A satisfactory valuation report is required
• Borrowers must have a valid ABN which has been registered for two years.

Credit Assessment Credit staff will undertake assessment of other key factors such as perusal of refinance statements, loan serviceability position and checking that the financial position reflected in the loan application is considered reasonable in view of the declared income, occupation and age.

Maximum Loan Amounts Will vary depending on things such as whether the loan is for an owner-occupied or investment property and the Loan to Value Ratio.
Please refer to the Stated Income Maximum Loan and LVR Matrix investment property and the Loan to Value Ratio.
Please refer to the Stated Income Maximum Loan and LVR Matrix.

Mortgage Insurance Is available.

Fees Please refer to our Fees and Charges



 


Interest Rate 6.95%

Comparison Rate 6.97% pa#

based upon a $300,000

mortgage over 30 years

Comparison Rate Schedule




Key Features
All Advest home loans have the Loc Doc option, whilst retaining the convenient features such as:
• Monthly or fortnightly repayments
• Internet / Phone Banking
• No account keeping fees
• Redraw facility
• Additional payments
• Direct debiting in
• Salary crediting
• Bpay in


Phone us on:

1300 851 353

or

request a consultant

 

Important notice: # Comparison rate is calculated based on a loan of $300,000 over 30 years based on monthly repayments. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and costs savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. A Comparison Rate Schedule is available.

This information has been prepared without taking into account the objectives, financial situation or needs of any particular individual. For this reason any individual should, before acting on this information, seek appropriate professional, financial and taxation advice. Applications for any Advest Loan is subject to Advest’s normal loan approval process. Full terms and conditions will be included in any loan offer. Fees and charges are payable.

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