This is the standard loan type, where you provide documented proof of your income. Suitable for permanent employees and established self-employed business owners who can provide full financial records.
Low doc and no doc
Suitable for borrowers who are unwilling or unable to provide verification of their income. Generally only available to people who are self employed, or casual employees. For these loans, you may need to provide the lender with a statement confirming your income or a statement that you are able to meet the proposed loan repayments, with little or no requirement to provide documented evidence. Compared to full doc, these loans generally carry a higher interest rate and are available only at lower Loan Valuation Ratios (LVRs).
These loans are most suitable for retirees who own their home, but are looking to release cash. Unlike a traditional mortgage, there are no periodic repayments required, but there are interest charges that are accumulated against the outstanding loan balance. The loan generally doesn’t have to be repaid until the property is sold or the owner dies.
These are specialised loans for people who have some form of blemish in their credit history, such as a default, or to finance a property that has unusual characteristics. The interest rate on these loans is generally higher than traditional Full-Doc loans.