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Westpac Low Doc Loan

Features

The features available with a Westpac Low Doc Loan vary depending on the type of loan or package you choose. For more information on the features available in the loan you are interested in, see the list of Low Doc Loan variations below.

Some features available across the Westpac loan offering include offset accounts, redraw facilities, the ability to make extra repayments and split loan options. Some loans can also be taken out under an interest only structure, where the borrower is only required to pay the interest on the loan for a period of time.

All Westpac loans offer a flexible repayment schedule meaning that borrowers can pay off the loan on a weekly, fortnightly or monthly schedule depending on their preference.

Who is the Westpac Low Doc Loan good for?

The Westpac Low Doc Loan is ideal for the self-employed and small business owners who do not have the full set of required document to take out a standard mortgage. The exact loan that will be best for each individual will depend on their preference for features and package deals offered by the bank.

To browse the options that may be suitable for your need you can use the list below.

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For borrowers who need to take out a Low Doc style loan, and would also like to be with one of the Big 4 banks, the Westpac Low Doc Loan could be a good option. The interest rates, features and fees will vary according to which specific loan type the borrower chooses to take out in a Low Doc capacity.

There are some restrictions on Low Doc borrowers and they are not likely to have access to the same perks and discounts as normal borrowers. For more information, it is recommended that you get in touch with Westpac to learn more about borrowing in a Low Doc capacity.

Westpac Low Doc Loan Options

Browse the Low Doc home loan options available from Westpac below.

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Fixed Rates from

3.88%

Advertised rate

4.88%

Comparison rate

Variable Rates from

4.34%

Advertised rate

4.72%

Comparison rate
Pros
  • Available to the self-employed and small business owners.
  • Available to both owner-occupier and investment borrowers.
  • All the same features available as the standard version of the loan.
Cons
  • Discounts on standard variable rates may not be applicable to Low Doc version of the loan.
  • Must have had a business operating for minimum 12 months.
  • Some fees may be charged to establish the loan.
Eligibility

Must provide proof of a registered business name.

Must provide ABN.

Must provide your Business Activity Statement for the past 12 months.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $0 - $600
  • Discharge fees: $350
  • Ongoing fees: $395 annually - $8 monthly

The fees charged with the Westpac Low Doc Loan will vary depending on which loan or package is selected. This could include upfront fees, ongoing fees and discharge fees. There are no extra fees charged for taking out a Low Doc version of the loan.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About Westpac

Westpac is one of country’s major banking institutions which offers a range of personal finance products to all kinds of customers. Personal customers of the bank can make general enquiries to the bank between 8am-8pm on Monday to Friday or visit a staff member in-branch.

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