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Low Doc Loan

Not everyone has the tax/income records required for a standard loan application. The Low Doc Loan lets you apply with minimal supporting documentation while maintaining a low interest rate. All you need to do is sign a low doc declaration; you retain full privacy. If you obtain the required documentation in the future you can switch to the lower Advantage Loan rate at any time.

This loan may be suitable if...

  • You are self-employed and don't have the same regular income history as a PAYG employee
  • You have a complicated or unusual financial situation

Getting the Most of the Low Doc Loan

  • Have your income go straight into the loan
  • Use your existing credit card to make all your monthly purchases
  • When your credit card bill is due, use the free redraw facility to pay it off from your Low Doc Loan

The above procedure will minimise your interest by keeping as much of your savings as possible in your loan facility and offsetting the loan balance.

Applying for the Low Doc Loan

Self employed or company borrowers can apply for this loan, however trusts are not accepted. Whether you are self employed or a company borrower, you must be GST registered and have been operating in the same business for at least two years.

During the application process, you will be asked to sign a Low Doc declaration form. By signing this you are declaring that you have enough income to support your expenses (this form replaces the need to provide further proof of income). A signed statement from your accountant verifying your income will be required.

 
MyRate Low Doc Loan features
Type of loan   Standard Variable
Low variable interest rate Product is currently not offered
Comparison Rate#
Application fees* $0
Valuation fees* $0
Legal fees* $0
Settlement fees* $0
Ongoing/Monthly fees* $0
Redraw fees* $0
Deferred establishment fees $0
Full fee schedule We have done our best to minimise as many fees as possible.
View our full fee schedule and descriptions.
Minimum loan $100k
Maximum loan $1.5M (Can combine with other MyRate loans to increase limit)
Max LVR 60%
LMI n.a.
Splits/Combination yes
Interest Only Up to 5 years (monthly repayments only)
Repayment frequency Fortnightly or monthly
Unlimited redraws* yes
Additional repayments* yes
Term 10 to 30 years
Direct debit yes
Salary crediting yes
Deposit Book* yes
Cheque/ATM/Credit Card/Eftpos Learn more
Internet/Phone Banking/BPay yes
Portable  yes
Statements Half Yearly
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how much can i borrow
MyRate Update
Thursday 25th September 2014

Borrow up to 97%?

MyRate can offer a 97% LVR on purchases including capitalised LMI. Available at 5.17% variable and comparison rate.

Enquire now to find out more.

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