The Adelaide Bank SmartDoc Plus Loan has a close relative in Adelaide Bank’s SmartDoc Loan. Both are fully featured home loans that allow borrowers to apply without providing the typical proof of income – such as pay slips or tax returns – required for traditional mortgages applications.
The SmartDoc Plus Loan mostly differs from the SmartDoc Loan in that it has a higher rate of interest. In exchange for paying this higher rate, borrowers will be able to bring a slightly smaller deposit to the loan without being charged for lenders mortgage insurance. Both loans eliminate the need for extensive evidence of income in the form of tax returns and other documentation.
The SmartDoc Plus Loan’s other features will help borrowers to pay off their loan more quickly, helping to mitigate what is a slightly higher interest rate than is available elsewhere in the market. Borrowers will have access to a 100 per cent offset account, allowing them to use their savings to directly reduce the amount of interest that they must pay.
Borrowers can choose to split their interest rate between variable and fixed rates of interest. Borrowers may choose a fixed rate term of one to five years.
The SmartDoc Plus also allows additional repayments at any time, and this facility will be complemented by a redraw facility. Borrowers will be able to redraw funds put towards their additional repayments at any time. A minimum redraw amount will apply to this feature.
Borrowers will also be able to choose whether payments will be made weekly, fortnightly or monthly. It should be noted that weekly and fortnightly payments will only be available for principal and interest repayments.
The SmartDoc Plus Loan will suit self-employed borrowers who can afford a deposit on their property of 20 per cent or more.
Its minimal requirements in terms of documentation and rich features make it very appealing for those who are eager to refinance their home quickly with a home loan that will prevent few obstacles during application.
The SmartDoc Plus Loan offers self-employed borrowers a richly-featured home loan designed to offer ease of access for self-employed borrowers.
Its minimal documentation requirements and range of features mean it will help those who are looking to refinance quickly and have some control over how their home loan will be managed.
The loan charges both upfront and ongoing fees, as well as a discharge fee, and has an above-average interest rate offered, compared with more traditional mortgages.
The SmartDoc Plus offers a range of options for borrowers, designed to be easily accessed by the self-employed.