70% Light Doc !!!!  (with no mortgage insurance)

Suitable  for either:
• New business’ – established for minimum 12 months
• Business’ where the last 12 months financials are significantly improved over previous years figures (so “averaging” won’t affect the serviceability)
• Situations were the last 12 months (official) financials are not available

Requirements:
• 12 months profit and loss statements (P&L) taken from management accounts with end date no more than 6 months prior to application date, must be signed by all applicants / guarantors
• Business Activity statements (BAS) covering all four quarters of the P&L above.
• All Business Activity Statements (BAS) covering the period from the end of the P & L to the present (if required)
• Group Certificates for all wages paid to Directors for these amounts to be added back

Maximum Loan:
• 70% LVR of all security properties offered (where those properties are less that $3.0m in value)
• Cash out available etc

An example: A company commenced business on 1/1/10 (or the more profitable months were from this date), you would supply:

• Signed Profit and Loss Accounts done from the Management Accounts (MYOB or the like) of the Business, (note no Accountants input needed) from 1/1/10 – 31/12/10. This is a 12 month period covering two financial years, but we just want any consecutive 12 period
• BAS for the same period as the P&L reflects
• Group Certificate for Directors issued as at 30/6/10

The net profit from the P&L + wages paid to Directors as the servicing amount.
Up to 70% of the residential property offered as security.

Other key points to note:-

1. There is No Lenders Mortgage Insurance (NO LMI) applicable to this product.
2. The last date on the Profit and Loss presented must be no more than 6 months old.  BAS is required from the last date to present (if applicable)
3. The Profit and Loss does not have to coincide with a financial year.  Just require a 12 month profit and loss for any 12 month period

If your business has been going for at least 12 months then please call us.

There are three mains types of loans:-

Full document loan: 2 years financials and full tax returns need to be provided. In some circumstances only one years financials are needed. Max 95%

Lite Doc Loans: This type of loan is in between Low Doc and Full Doc Loans. The main difference is a BAS statement is required. Max 80% This site is for Lite Doc customers.

Low Document Loans (commonly called low doc loans ):For self employed where income is verified by an income declaration and an accountants sign off.. Max 80%

No Document Loans (commonly called no doc loans ): For self employed where no income is verified. Investment properties only. Must be in a company name and cannot be owner occupied. Max 80%