SGB have just announced effective from 19 September 2009, all Low Doc Home Loan applications must now be supported by Business Activity Statements (BAS) for the last 12 months, the last statement being no more than 3 months old at the date of application.
This is in addition to existing Low Doc documentation requirements.
For applications received prior to the 19th, these can be assessed under the previous criteria i.e. Business Activity Statements will not need to
be supplied. However, any new applications received from the 19th will require Business Activity Statements to be supplied as a policy
requirement.
Please note that no policy exceptions will be considered - if applicants are unable to provide BAS statements for the last 12 months per this
new policy requirement, then the application cannot be considered as a Low Doc and will be required to be processed as a fully assessed loan
with full financials and income details provided.
Looks like noose is tightening further.
This is in addition to existing Low Doc documentation requirements.
For applications received prior to the 19th, these can be assessed under the previous criteria i.e. Business Activity Statements will not need to
be supplied. However, any new applications received from the 19th will require Business Activity Statements to be supplied as a policy
requirement.
Please note that no policy exceptions will be considered - if applicants are unable to provide BAS statements for the last 12 months per this
new policy requirement, then the application cannot be considered as a Low Doc and will be required to be processed as a fully assessed loan
with full financials and income details provided.
Looks like noose is tightening further.