Low Doc Home Loan

The Low Documentation Home Loan (Low Doc) is designed to suit self-employed customers and small business owners. This service allows you to get the finances you need without all the financial statements or tax returns usually required.

At the Commonwealth Bank, you won’t just get a tailor-made Home Loan, but the support you’ll need to manage your personal finances and achieve your business ambitions.

 

Our Low Doc service is available on the following Home Loans:

 

Standard Variable Rate

A Low Doc Standard Variable Rate Home Loan offers you all the same features as our Standard Variable Rate Home Loan, including repayment redraw.

You also benefit from flexible repayment arrangements, including no early exit fees, the ability to make extra repayments and access to 100% offset benefits with a Mortgage Interest Saver Account.

Find out more about Standard Variable Rate Home Loans.

Fixed Rate

With a Low Doc Fixed Rate Home Loan, you can choose from a 1-5, 7, 10 and 15 year term and start making plans, safe in the knowledge that your payments won't change during this period.

Find out more about Fixed Rate Home Loans.

Base Variable Rate Home Loan

A Low Doc Economiser Home Loan offers a low Base Variable Rate with added flexibility, such as unlimited extra repayments and redraw.

Find out more about Economiser Home Loans.

Line of Credit

The Viridian Line of Credit gives you access to your equity whenever you need it.  So, if another investment opportunity comes your way, you’ll have the freedom and the funds to partake.

With a Low Doc Viridian Line of Credit you get all the same features as our Viridian Line of Credit. It’s a convenient, all-in-one transaction account that combines your Home Loan, daily spending and savings into one, putting you in control.

Find out more about Viridian Line of Credit Home Loans.

Wealth Package

You can save up to 0.70% p.a on the Standard Variable Rate and Viridian Line of Credit Low Doc Loans within Wealth Package. You can also receive a 0.15% p.a saving on Fixed Rate Low Doc Loans within Wealth Package.

Unfortunately you won’t be able to apply for Wealth Package if you need to borrow more than 60% of the value of the property, as determined by our valuation, not your purchase price.

Find out more about Wealth Package.

How to get a Low Doc Loan?

If you’re self employed and looking for a Low Doc Loan there are a few conditions we’ve put in place to ensure the safety of our investment and allow us to offer them, these are:

• To apply for a Low Doc Loan you will need to have been self-employed in the same industry for at least 1 year and supply details such as your ABN and/or Certificate of Incorporation.
• The maximum amount you can borrow as a Low Doc Loan is 80% of the value of the security provided.
• If you borrow more than 60%, you need to take out Lenders Mortgage Insurance and provide Business Activity Statements (BAS) for the past 12 months.
• You need to confirm that your income is registered for GST for a minimum of 12 months (where income is $75,000 or greater p.a).
• Where your annual income is less than $75,000 (and not registered for GST), you may be asked to provide 6 months worth of statements for your primary business or personal transaction account.
• Low Doc is available on all loan types, except for introductory rate loans (including 3 Year Special Economiser) and Equity Unlock Loan for Seniors.

 

To find out more about the Low Doc Home Loan and how you can benefit, simply phone us on 13 2224 or email us.

 

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Important Information:

• Applications for finance are subject to the Bank’s normal credit approval. Full terms and conditions are included in the Loan Offer. Bank fees and charges are payable. Low Docs are not available on 1 Year Guaranteed Rate, 12 Month Discounted Variable Rate, 3 Year Special Economiser or Equity Unlock for Seniors. Qualifying and ongoing criteria applies to Wealth Package and terms and conditions are available on application.