Aussie Express Low Doc Variable Rate Home Loan
If you are self employed, and don't have all the documents to get a standard loan, then this might be what you are looking for.
At the beginning the interest rate for this loan is a little higher than our standard variable rate but if you meet all your repayments for the first 2 years then the rate drops by 0.31%.
Interest Rate
Variable Rate -
Variable Comparison Rate* -
1yr fixed rate -
2yr fixed rate -
3yr fixed rate -
4yr fixed rate -
5yr fixed rate -
Loan Size
Minimum - $50,000
Maximum - $1,000,000
Maximum Loan to Valuation Ratio
60%
Loan Repayments
Principal & Interest or Interest Only
Interest Only: Maximum term of 5 yrs
Payment Frequency
Fortnightly or Monthly
Paid By
Direct Debit or Salary Crediting
Additional Payments
Yes, any time free of charge
Lender's document fee
$100
Valuation Fee
$200 per valuation
Solicitors Fee
Advised by solicitor
Split Loan
Yes at no extra cost. Maximum 2 splits available
Convert to fix
Yes at no extra cost
Portability
means you can transfer your
mortgage to another property
Yes $600
Deferred Establishment Fee
you only need to pay DEF if you pay out the loan with in the first five years.
$2,000 (Year 1)
$1,500 (Year 2)
$1,000 (Year 3)
$500 (Year 4 & 5)
Variation
you can apply for an increase to the principal 6 months after settlement. All loan variations are subject to approval
$410 variation fee
What you get with this home loan
The features you get depend on whether you choose a fixed or variable loan. If you choose a variable loan you get a load of flexible features, with no management fees.
With a variable Aussie Express Low Doc Loan you can:
- Redraw - make additional repayments to reduce your interest and redraw the extra funds whenever you need them.
- Split the loan – fix the rate on part of it.
- Convert to a fixed rate – you can do this at any time that you need to be sure about your monthly repayment amount.
- Choose to pay interest only.
For both fixed and variable low doc loans you also get:
- Online access to view all transaction associated with your loan, plus a printed statement every 6 months.
- Portability, but if you choose to switch the property acting as security there is a $600 fee.
- Your choice of monthly or fortnightly repayments.
What you need to know about this loan
- It’s only for residential properties.
- The maximum loan term is 30 years.
Amount you can borrow
The maximum amount that can be borrowed on this type of loan is $1 million but we will assess each case individually. We generally consider a few things such as the size of the deposit and the Loan to Value Ratio (LVR). The LVR is the percentage of the property’s value you wish to borrow.
How to make this loan work best for you
Get your salary paid into your loan account and redraw the funds you need. Remember, redraws are free if you request them online. This way you can reduce the amount of interest you need to pay and save money.