Major changes to BWA lo doc

[Rolf Latham]

Hiya Folks

AS one of the last few reasonable lo docs in the market the below may be of relevance if you are looking to use this product


In August 2009, Bankwest launched the new Low Doc Home Loan, offering one of the most competitive interest rates in the market. With your tremendous support, the product was very successful and attracted many new customers to Bankwest.

Bankwest has taken a decision to re-introduce the previous EasyDoc Home Loan into the market for borrowings in the low-doc segment. The EasyDoc Home Loan has been one of Bankwests most successful products over recent years, offering no ongoing fees and a 100% offset account.

Existing Low Doc applications submitted by the 30 April 2010 will be eligible for the Low Doc Home Loan Product. Any deals submitted after this date will need to be submitted as an Easy Doc Home Loan. Pre-approvals for Low Doc will be honoured ONLY if the purpose is for construction pre-approvals for any other purpose submitted as a full application after the 30 April 2010 will have to be submitted as an Easy Doc Home Loan.

Easy Doc Vs Low Doc Assessment

The assessment and credit policies and processes that are currently in place for the Low Doc Home Loan will continue with the re-launch of the Easy Doc Product. We do not require BAS statements as part of the income assessment for this product.

Loan Purpose

The re-launched Easy Doc Home Loan will no longer be available for refinances. Any refinance application will need to be submitted as a full doc loan.

Easy Doc Vs Low Doc Product Information

The Easy Doc Home Loan has one annual percentage rate regardless of LVR, whereas the Low Doc Home Loan offered differential pricing based on LVR.
The other key difference between the two products is the Easy Doc Home Loan automatically rolls to the Lite Home Loan after the 3rd year anniversary date.

Other features of the Easy Doc Home Loan are:

100% offset facility with the Easy Doc Transaction account (offset fee
applies)
Free On-line redraw
KEY DATES:

Low Doc Home Loan withdrawn from sale effective COB 30 April 2010 Easy Doc Home Loan Re-launch (not available for refinances) effective COB 30 April 2010

 

[MTR]

Hiya Folks

AS one of the last few reasonable lo docs in the market the below may be of relevance if you are looking to use this product


In August 2009, Bankwest launched the new Low Doc Home Loan, offering one of the most competitive interest rates in the market. With your tremendous support, the product was very successful and attracted many new customers to Bankwest.

Bankwest has taken a decision to re-introduce the previous EasyDoc Home Loan into the market for borrowings in the low-doc segment. The EasyDoc Home Loan has been one of Bankwests most successful products over recent years, offering no ongoing fees and a 100% offset account.

Existing Low Doc applications submitted by the 30 April 2010 will be eligible for the Low Doc Home Loan Product. Any deals submitted after this date will need to be submitted as an Easy Doc Home Loan. Pre-approvals for Low Doc will be honoured ONLY if the purpose is for construction pre-approvals for any other purpose submitted as a full application after the 30 April 2010 will have to be submitted as an Easy Doc Home Loan.

Easy Doc Vs Low Doc Assessment

The assessment and credit policies and processes that are currently in place for the Low Doc Home Loan will continue with the re-launch of the Easy Doc Product. We do not require BAS statements as part of the income assessment for this product.

Loan Purpose

The re-launched Easy Doc Home Loan will no longer be available for refinances. Any refinance application will need to be submitted as a full doc loan.

Easy Doc Vs Low Doc Product Information

The Easy Doc Home Loan has one annual percentage rate regardless of LVR, whereas the Low Doc Home Loan offered differential pricing based on LVR.
The other key difference between the two products is the Easy Doc Home Loan automatically rolls to the Lite Home Loan after the 3rd year anniversary date.

Other features of the Easy Doc Home Loan are:

100% offset facility with the Easy Doc Transaction account (offset fee
applies)
Free On-line redraw
KEY DATES:

Low Doc Home Loan withdrawn from sale effective COB 30 April 2010 Easy Doc Home Loan Re-launch (not available for refinances) effective COB 30 April 2010

Thanks Rolf for the info, much appreciated.

Just got a pre-approval lo doc Bankwest.

Also just want to mention the LMI (QBE) will reject development properties.

This just happened to a friend who purchased a property, could be subdivided and they classed it as high risk which I found crazy, even though in blue chip area.... don't get this. Anyway, she had to go with 60%LVR.

Cheers, MTR

 

[Ausprop]

are the changes reelly that major?

 

[Bigtone]

apart from the rate Rolf what else has changed?

 

[Rolf Latham]

The major change is no refinance.........previously doable

There will likely be a bit more softenting up in the next few weeks
I suspect.

I dont know the numbers, but I reckon that BWA is strating to have a lo doc bubble , since they are one of the few lenders still doing lo docs without BAS etc etc

ta
rolf

 

[oc1]

The major change is no refinance.........previously doable

There will likely be a bit more softenting up in the next few weeks
I suspect.

I dont know the numbers, but I reckon that BWA is strating to have a lo doc bubble , since they are one of the few lenders still doing lo docs without BAS etc etc

ta
rolf

Rolf, what lvr was available for a refinance? 60 or 80%?

 

[Rolf Latham]

60


QBE dont like em so no lmi coverage

ta
rolf

 

[tobe]

The Bankwest BDM at the conference I went to last week noted they were seeing a bubble of low doc, but still had an apetite for it.

 

[Qlds007]

Oscar as from Friday there is NO Lodoc refi whatever the lvr.

 

[MTR]

are the changes reelly that major?

Major impact, unfortunately my MB advised today that the IR has increased to 7.47%, I think it was 6.45%, maybe someone can clarify this.

 

[Rolf Latham]

Major impact, unfortunately my MB advised today that the IR has increased to 7.47%, I think it was 6.45%, maybe someone can clarify this.

the lower rate was at 60, the higher rate always applied above 60 in recent times

ta
rolf

 

[MTR]

Hi Rolf, thanks, keep us posted.

The bast...ds are killing us, slowly but surely