Low Doc Home Loan - Commonwealth Bank - Lo Doc

Comparison Rate	6.34%
Amount	$200,000
Term	30 years
Monthly Payment Est.	$1,230.13
Total Amount Paid Est.	$446,280
Establishment Fee	$600.00

6.24%

Target Market
A Low Doc enable you to offer Home Loans & Investment Loans to self employed applicants who are unable to provide the usual verification documentation in the last 1 years taxation returns or financial statements and most recent Taxation Notice of Assessment ,
Eligible borrowers have 20% equity ,
an existing real estate ,
hold equity from recent sale of real estate ,
can provide evidence of 20% equity as genuine savings

Acceptable Income
Self Employed for 12 months, have an ABN registered for min 12 months and be GST registered (min 12 months where LVR is >60%) if income is greater than $75k. In cases where the deal needs Genworth approval, they will not consider request if applicant is not GST registered regardless if income amount is $75k or less. ,
Where LVR is >60% Applicant must provide Business Activity Statements for the past 12 months.

Home Loan Loan Term
Minimum: No minimum
Maximum: 30 years (subject to expected retirement age of applicant), Interest Only Period - 5 years

Home Loan Loan Size
Minimum: $10K ,
Loan amount 300K to $1,000,000 subject to LVR % requirements ,
Applications that exceed $1,000,000 will be considered by Genworth on a case by case basis.

Home Loan Repayment Type
Principal and Interest and Interest Only and Owner Occupied and Investment, Line of Credit ,
Loan options available Standard Variable Rate Home Loan and Standard Variable Rate Investment Home Loan ,
Fixed Rate Loans for 1 to 5, 7, 10 & 15 years ,
Rate Saver loans (excluding 1 & 3 Year Special Rate Savers) ,
Low Doc loans MAV packages:

Repayment Options
Weekly, fortnightly or monthly repayments

Extra Repayments
Extra Repayments:Permitted

Split Loan Facility
Non applicable

Offset
Yes MISA

Redraw Facility
Available minimum of $500 electronic

LVR for Low Doc Home Loan - Commonwealth Bank - Lo Doc

Owner Occupier Refinance Debt Consolidation Investment and Construction loans ,
Loans for refinanced must be supported by evidence of satisfactory repayment history (i.e. six months statements on loans being refinanced. ,
,
Base LVR of 80% (capitalized LVR of 82%) ,
Aggregated credit facilities of $2.5million ,
,
Mortgage Advantage Low Doc Loans - Max LVR 60%

Fees for Low Doc Home Loan - Commonwealth Bank - Lo Doc

Application Fee: $600 ($300 for each subsequent loan if there is an existing loan). ,
Off The Plan purchases incur an application fee of $800 ,
Monthly Loan Service Fee: $8 ,
A settlement fee of $150 will apply to all H/L Invest Loans/ Lines of Credit/ where the bank is required to physically attend a settlement and where a new mortgage security to be obtained (Fee displayed as Mortgage Preparation ) ,
Settlement Fee - Discharge: $350 ,
Stamp Duty on the Mortgage ,
Calculated on the amount of the loan and payable to the State Government Stamp Duty authority ,
NB: If the customer is buying a property, Stamp Duty on the transfer purchase price will also be payable to the State Government. ,
Refer the customer to their solicitors as to other costs they might incur. ,
Other fees and charges are payable. ,
Progressive Drawing Fee: $50 per drawing (maximum of 5 drawings) ,
Switching Fee: Up to $600 (where switching is allowed) ,
This fee is payable if your customer applies to switch all or part of their home loan or investment home loan to another home loan or investment home loan product. ,
It does not include any out-of-pocket expenses which may be payable to a third party e.g. Stamp Duty ,
Valuation Fee ,
This fee is included in the standard establishment fee. ,
Deferred Establishment Fee $700 applicable if loan is repaid out within 4 years from the first loan drawing ,
,
This fee is payable when the Bank (or its representative) is required to attend settlement for ,
The purchase of a security property, or for the refinance of a loan with another credit provider ,
Security Substitution - $300 Security Substitution Fee ,
If your customer substitutes new security for the loan, they must pay this fee plus any other applicable Bank fees and Government charges ,
LMI Arrangement Fee - The amount of LMI payable may vary according to individual loans and is based on the loan amount. Note a LMI Arrangement fee, $20.00 will apply ,
Additional Security Fee $150 for each additional security ,
Deferred Establishment Fee $700 applicable if loan is repaid out within 4 years from the first loan drawing