Low Doc Line of Credit
Low doc line of credit loans are ideal if you're self-employed, experience uneven cash flows or have your personal and business income and expense records combined. Our low doc line of credit loans are full interest capitalizing facilities, which means you control when you make repayments. Our low doc line of credit loans do not require regular repayments if sufficient equity is available within the facility!
All our low doc line of credit loans offer this distinct advantage over regular low doc loans because of your ability to pay down and redraw funds as required without having to make regular fortnightly or monthly repayment via direct debit.
Red Rock's low doc line of credit loan allows you to borrow up to 80% of your property value with no financial documents or tax returns required.
*All that is required is an income declaration from the borrower.
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PRODUCT SPECIFICATIONS |
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| Rate | Variable or Fixed (1-5 yrs) |
| Repayment Type | Principle & Interest or Interest Only 1-5 yrs |
| Loan Term | 25 - 30 years |
| Max Loan Amount | $1,000,000 |
| Purpose | Purchase or Refinance Owner Occupied Investment/Business |
| Repayment Frequency | Fortnightly, Monthly |
| Repayment Options | Salary Crediting, Cheque, EFT, Direct Debit |
| Split Accounts | YES, 3 + LOC |
| Acceptable Security | Residential Only |
| Acceptable Location | Metropolitan Area, other areas subject to LMI acceptance |
| Max LVR | 80% - $1,000,000 |
PRODUCT FEATURES |
|
| Phone Banking | Yes |
| Internet Banking | Yes |
| Cheque Book | Yes |
| Credit Card (Optional) | Yes |
| Deposit Book | Yes |
| Redraw Facility | Yes |
| BPay (Inwards) | Yes |
| Salary Crediting | Yes |
| Additional Repayments | Yes |
| Monthly Fee | NIL |
| EFT Direct Debit | Yes |
