Low-doc “Low-doc is designed for self-employed”
Low-doc home loan is aimed at self-employed. It requires far less documentation to prove your income, saving history and capacity to repay the loan. No doc loans operate in much the same way, differ primarily in the amount of documentation required to convince lenders to write the mortgage.
Low-doc must show evidence of income thru bank statements or tax returns, while no doc only need to self declaring your income.

Comparison rate
All upfront, establishment, valuation and legal fees with the normal interest rate add together is expressed as comparison ‘interest’ rate.

Initial interest rate
Minimum interest rate charged to borrowers for the nominated period.

Introductory period
The short period at the beginning of a loan with a reduced or discounted interest rate.

Loan Features

Additional repayment permitted
You can make additional repayments above the regular repayments on your loan without an interest adjustment calculation.

100% offset account
Loans by which borrowers can put all their income into the loan.

Free transactions per month
The number of free withdrawals or transfers to the loan account per month(exclude ATMS, for which charges usually apply)

Redraw

Whether borrowers can draw on any additional fund within the loan.