The No Doc product is highly suitable for self-employed borrowers and those that cannot provide evidence of income. The No Doc feature is a quick fix for clients that do not want to demonstrate both their income and their assets and liabilities. The product caters for first home buyers, investors and debt consolidation. Borrowers have the option of choosing from a range of features including internet and phone banking - coupled with competitive pricing. The product allows for large loan sizes, with no evidence of income other than a one page declaration.
Borrower Suitability
This loan is suitable for clients unable to provide all financial documents and looking to purchase an additional investment property or a home to live in, refinance their existing mortgage or consolidate their debts.
Loan Amount
$30,000 - $1,000,000
Loan To Value Ratio
Insured
70% up to $1M metro only
($500K Australia wide)
Uninsured
65% up to $500K metro, regional and country
60% up to $1M metro and regional
Minimum Deposit
30%
Term
5 - 30 years
Interest Rate Type
VARIABLE & FIXED rates are available. Contact us for further details.
Repayments
Principal & Interest
Interest Only for 10 years
Weekly, Fortnightly, Monthly
Repayment Methods
Direct Debit
Direct Salary Crediting
Redraw Facility
Unlimited redraw transactions, with no maximum limit at no cost
Redrawn funds can be accessed at least 24 hours after lodgement for redraw
Redraw unavailable on land or construction loans
Account Access
Net/Phone banking
ATM/EFTPOS
BPAY
Direct Debit card
Special Features
No monthly fees
No minimum period of self employment is required
LMI can be capitalised inot loan to a max LVR of 70%
No fees for account access facilities
Vacant land up to $550,000 available (geographic permissions apply)
Application Fee
$475 which includes the cost of one standard valuation up to $220
Asset Pack Application Fee $675
Credit Risk Fee
If loan is uninsured then a Credit Risk Fee (CRF) may apply. (Refer to Credit Risk Matrix - contact us for further details)
DERF
0 - 60 months = 2.5 x monthly repayment based on original loan amount
Notes
Direct Debit card fees applys
Direct Debit Card is not available on construction loans or vacant land
LMI payable by borrower when LVR > 60%
Include 0.25% loading for vacant land
All applicants must have a registered ABN (no minimum time frame)
Contact
Rent Lease Group Pty Ltd.
Contact 1300 309 806
www.rentlease.biz
Rent Lease Group has over 17 years experience in the finance industry. Call Rent Lease Group now on 1300 309 806 to discuss how we can best help you or CLICK HERE to email and a representative will call you as soon as possible.
