Low Doc Home Loan - Westpac - Lo Doc 10 yr fixed Options

Comparison Rate	7.73%
Amount	$200,000
Term	30 years
Initial Payment Est.	$1,501.13
Monthly Payment Est.	$1,294.84
Total Amount Paid Est.	$494,400
Establishment Fee	$600.00

8.24%

Target Market
Fixed rate loan for terms of 1-5, 7 or 10 year periods, used to buy, construct, or refinance real estate (must be owner occupied) for home improvements or for personal purposes. ,
A first mortgage over residential property is required as security. ,
Can be combined with other eligible loans to form a Combination Home Loan.

Acceptable Income
Self Employed with 2 years financials to be supplied, salary and wage earner. ,
Lo Doc Applications: must be supported by 12 months worth of Business Activity Statements (BAS) and the end of latest BAS activity period no more than 4 months prior to the the first formal application submission date. ,
Following Documents can be used to comply with the BAS requirement: ,
- Completed ATO BAS templates ,
- Completed BAS created vis Accountant's software ,
- BAS printouts/summaries from the Tax Agent Portal or the Tax Office ,
Low Doc Loans must be supported by: ,
- Copy of the Australian Business Registration certificate generated at the time of ABN registration or The letter issued by Australian Business Register that confirms the ABN registration and accompanies the certificate. ,
ABN registration date was at least 2 years prior to the date of application.

Home Loan Loan Term
Fixed rate term options of 1,2,3,4,5, 7 and 10 year periods.
Maximum overall loan term is 30 years.

Home Loan Loan Size
Minimum: $15K on full docs, Minimum loan amount is $25,000 for Low Doc loans ,
No Max Loan on Full Docs where LVR is <80%

Home Loan Repayment Type
Principal & Interest & Interest Only ,
10 Years Interest Only for Owner Occupied note Owner Occupied with IO Terms greater than 5yrs are subject to Credit Approval.

Repayment Options
Weekly, Fortnightly or monthly repayments provided the minimum monthly payment is achieved. ,
Reduced Repayment Feature is available on this product.

Extra Repayments
Additional payments allowed. Prepayments during fixed rate period permitted up to $25,000 (for loans prior to 23/03/09 the limit is $15,000) prior to break costs applying.

Split Loan Facility
Available within combination structure.

Offset
Not available.

Redraw Facility
Yes, Customers may redraw the excess funds that they have prepaid during the fixed rate period. Customers are only allowed to redraw up to the maximum prepayment amount. This amount called the ‘prepayment threshold’ is currently $25,000 (for loans prior to 23/03/09 the limit is $15,000) during the fixed rate period.

LVR for Low Doc Home Loan - Westpac - Lo Doc 10 yr fixed Options

Owner Occupier Maximum LVR 97% ,
Investment Maximum LVR N/A ,
Construction Maximum LVR 97% ,
Refinancing Maximum LVR 90% ,
Debt Consolidation Maximum LVR 90% ,
Low Doc Max LVR 82% ,
Please note that the Max LVR of 97% is for existing customers only. ,
Maximum LVR for new customers is 92%. (Refer to 'Special Criteria' for Existing Customer definition) ,
Please refer to 'Lender Manual' for Higher Priced Property LVR Changes

Fees for Low Doc Home Loan - Westpac - Lo Doc 10 yr fixed Options

Establishment Fee:$600 ,
$750 for Combination Loan. ,
Loan Maintenance Fee:$8 per month. ,
Switching Fee:$300 ,
No fee applies when customer refixes loan or reverts to variable rate at the end of the fixed rate period ,
An administration fee will apply if switching during fixed rate period to another fixed rate contract or to a variable rate loan. Break costs may also apply. ,
A prepayment cost plus admin fee may apply if switching prior to fixed term expiry ,
Independent valuers - for quote contact lender. ,
Progress Draws $200 (payable once only) ,
Lock In Fee .15% of the loan amount ,
Guarantor Fee $200 ,
Deferred Establishment Fee $900 will only be charged if a customer closes their loan with Westpac within 4 years of origination for reasons such as re-financing to another institution, selling their property or early ,
repayment where they request to close their loan. Customers will only be charged one DEF per combination or split facility.