Our Low Doc Loan product allows you to borrow up to 80% of the value of your property without the normal requirements for the substantiation of income. One simple declaration of income form replaces the need to provide tax returns and pay slips or other income verification documents.
The level of income you state on your declaration must support your asset and liability statement of position. In addition, Thrive will also determine whether your stated income, assets and liabilities are "reasonable" given the nature of your line of work.
To be approved for this loan, applicants are required to be an Australian citizen or permanent resident, and at least one applicant must hold a registered ABN for the same business, for a minimum 2 year period.
Generally, the loan purpose may not be for the purchase of a borrower's first home.
LO DOC LOAN
Assets/Liabilities |
Statement declaration form is required |
Minimum loan amount |
$50,000.00 |
Maximum loan amount |
$1 000,000.00 |
Maximum LVR |
80% |
Mortgage Insurance |
Payable by borrower if required. |
Loan purpose |
Home or investment purposes |
Employment |
At least one applicant must hold ABN for minimum of two years. |
Security |
Post code restrictions apply. Call us for a list of acceptable codes. |
Interest only option |
1 - 10 years (maximum LVR 80%) |
Fixed interest option |
1 - 5 years |
Minimum loan term |
15 years |
Maximum loan term |
30 years |
Application Fee |
Applications less than $250, 000 = $775.00
Applications greater than $250, 000 = Nil fee |
Valuation Fee |
First Valuation free up to the value of $330
(if borrowing > $250 000 additional valuations paid by borrower) |
FREE Reward package |
Yes (click here for you choice of reward packages) |
Full Salary Credit allowed |
Yes |
Free Redraw available |
Yes |
Free Split loan available |
Yes |
Free Outward Direct debits |
Yes |
Free Internal portion transfers |
Yes (if a split loan) |
Inward deposit book payments |
Yes |
Free Inward BPay |
Yes |
Outward cheques |
Yes (if a line of credit split exists) |
Free Internet and Telephone Banking |
Yes |
Annual/Monthly loan fees |
Nil |
Borrowers Legal costs |
At borrower's expense |
Lenders Legal |
Approx. $800 |
Early termination Fee |
Yes during first 5 years |
Our Low Doc Lite Loan product allows you to borrow up to 70% of the value of your property without the normal requirements for the substantiation of income. One simple declaration of income form, replaces the need to provide tax returns and pay slips or other income verification documents.
This product is slightly different to Lo Doc as the requirement to hold an ABN for a minimum of two years is waived.
The level of income you state on your declaration must support your asset and liability statement of position. In addition, Thrive will also determine whether your stated income, assets and liabilities are "reasonable" given the nature of your line of work.
Generally, the loan purpose may not be for the purchase of a borrower's first home.
LO DOC LITE LOAN
Assets/Liabilities |
Statement declaration form is not required |
Minimum loan amount |
$50,000.00 |
Maximum loan amount |
$1 000,000.00 |
Maximum LVR |
70% |
Mortgage Insurance |
Payable by borrower (must be insured through Genworth) |
Loan purpose |
Home and Investment purposes |
Employment |
At least one applicant must be self-employed and have a valid ABN. |
Security |
Post code restrictions apply. Call us for a list of acceptable codes. |
Interest only option |
1 - 10 years (maximum LVR 80%) |
Fixed interest option |
1 - 5 years |
Minimum loan term |
15 years |
Maximum loan term |
30 years |
Application Fee |
No, if borrowing > $250 000 (A saving of $775.00) |
Valuation Fee |
First Valuation free (a saving of up to $330), additional valuations paid by borrower |
FREE Reward package |
Yes (click here for you choice of reward packages) |
Full Salary Credit allowed |
Yes |
Free Redraw available |
Yes |
Free Split loan available |
Yes |
| Inward direct debits |
Yes |
Outward third party direct debits |
Yes |
Free Internal portion transfers |
Yes (if a split loan) |
Inward deposit book payments |
Yes |
Free Inward BPay |
Yes |
Outward cheques |
Yes (if a line of credit split exists) |
Free Internet and Telephone Banking |
Yes |
Annual/Monthly loan fees |
Nil |
Borrowers Legal costs |
At borrower's expense |
Lenders Legal |
Approx. $800 |
Early termination Fee |
Yes during first 5 years |
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