The Commonwealth Bank Low Doc Loan comes in a range of variations. These include a standard variable rate option, a fixed rate home loan and a line of credit loan. Between these variations of loans, the available features will vary so for more specific information, click on the variation you are interested in below.
The standard variable version of the Low Doc Loan provides the most flexibility in terms of features. Borrowers can choose to split the loan between a fixed and variable rate as well as being able to make unlimited additional repayments. The loan also comes with a redraw and offset facility.
The fixed loan options still allow customers to split the loan, however, the amount of repayments that can be made are capped at $10,000 a year and there is only a partial offset account available.
The Commonwealth Bank Low Doc Loan is good for self-employed customers who want to own their own home either as an owner-occupier or investor. The loan also allows customers to borrow up to 80 per cent of the property value which is more than some other low doc loans allow. This could make the loan particularly appropriate for those borrowers who do not have a very large deposit saved or equity in a previous home to use.