This program is primarily for borrowers that:

• are self-employed or are full-time investors;
• are borrowing for the purchase of a new business that will employ the applicant;
• are unable to provide extensive financial statements or taxation returns at the time of their application for a loan; and
• are permanent residents or Australian citizens.

The requirements of all these products apply except as noted otherwise in this Fact Sheet.

Metropolitan, regional and country areas of Australia.

• 65% LVR for loans up to $500,000

Metropolitan and regional areas of Australia.

• 60% LVR for loans from $500,001 to $1,000,000

Metropolitan areas of Australian Capital Territory, Queensland, South Australia and Western Australia only.

• 55% LVR for loans from $1,000,001 to $1,500,000

Metropolitan areas of New South Wales and Victoria only.

• 55% LVR for loans from $1,000,001 to $2,000,000

• No set exposure limit per applicant or associated entity

• Any loan will be considered for any worthwhile purpose

• Loans for the repayment of any tax related debt.
• Loans to repay Directors loans.
• Loans for the purchase of a new business that will employ the applicant.
• Loans that are for the refinance of any loan that is currently in arrears.
• Loans that are not arm’s length transactions.
• Loans where the security property is vacant land.
• Loans for construction of the security property.
• Loans that are to fund the takeout of multiple properties within recently completed residential developments, where the borrower has been responsible for, or associated with, the development.

• Not applicable to the No Doc70 Uninsured Program.

• A title insurance policy must be obtained for each security property.

General provisions

• Properties must be of a residential nature and zoned accordingly (including rural-residential).
• Properties with no more than one residence on title.
• All standard services must be connected or readily available to the property.
• All properties must have legal and unrestricted road access.
  Properties (with a completed dwelling) that are less than 4.04 hectares (10 acres).
• The trustee reserves the right to exclude any security property for any reason, including limiting its exposure against properties in a similar location or with similar characteristics.

Rural residential properties

• Must have mains power.
• The property must not be of an income producing nature (properties producing rental income from tenants are accepted).

Units/flats/apartments

• Each must comprise an area of at least 50 square metres (excluding balconies and car space).
• Each must have a separate Certificate of Title.
• High density apartments (within a block of five or more stories and/or 30 or more apartments).

• Rural or similar zoned, properties (including broad acre land holdings).
• Commercial zoned properties.
• Properties that have not been provided with town services.
• Properties (with a completed dwelling) that are in excess of 4.04 hectares (10 acres).
• Vacant land.
• Properties under construction or to be constructed.
• Owner-builder construction projects.
• Mobile and kit homes (i.e. transportable properties).
• Properties with more than one residence on title.
• Properties adversely affected by heritage, environmental or planning issues.
• Properties evidenced by stratum/company share titles.
• Properties that are unique or unusual in character or construction, or with over-capitalised improvements.
• Properties affected by high-tension power lines, frequent flooding (or flood zoning), traffic abnormalities and industrial sites.
• Properties in poor condition.
• Combination shop/residence.
• Inner city high rise conversions.
• Off-the-plan properties.
• Display homes.
• Multiple residential security properties located within any given recently completed development, where the borrower has been responsible for, or associated with, the development.

• A valuation report, prepared by a trustee approved panel valuer.
• The valuation report must include comparable sales evidence within the last 90 days. This sales evidence must not be within the same complex.
• The valuation report must confirm that the property is readily saleable with no adverse features.
• The valuation report must be less than 90 days old at settlement. Where
  the valuation is older than the required number of days, an updated report is required.
• The trustee requires the original copy of the valuation report, including colour photograph, prior to settlement.
• High density apartment (within a block of five or more stories and/or 30 or more apartments) valuations must contain two recent comparable sales outside of the development and one recent comparable sale within the development.

• Applicants must be self-employed or full time investors, who have been in business or are going into business for themselves. This includes family trusts, property holding and trading companies.
• There is no minimum prerequisite period of self-employment required.
• Third party mortgages are specifically excluded. Exceptions apply in the instance of married couples or current defacto relationships.

• A copy of the Contract of Sale (executed by all parties) must be provided.

• Satisfactory loan repayment history is required. There must be no evidence of arrears, default interest, property dishonoured repayments or exceeded credit limits.
• Loan statements (on all loans being refinanced) must be provided for the last six months.

• Company guarantees are not required in any circumstances for director borrowers in the No Doc70 Program.

• Consumer and Commercial credit reports are required for all parties to any transaction.
• Credit reports and ASIC on-line reports must also be provided for all corporate entities or proprietorships as listed on any consumer or commercial credit report.
• Unpaid defaults, judgements, companies under external administration, petitions or winding up action will automatically disqualify the application.
• Credit reports must be current at the time of application and be no older than 21 days at submission.
• Applicants who have one paid default of not more than $500 may be accepted, provided that the efault has been paid and confirmation of payment is listed on the credit report.

• An early repayment fee is payable where the loan facility (or split) is repaid in full and closed in the first 5 years.
• Any early repayment penalty payable is calculated per loan split (not total facility).

• The trustee will consider a request to reduce an interest rate for the borrower subject to all borrowers providing current financial information, taxation returns and Application form including asset and liability statement. This information must comply with the trustee’s lending criteria.

Documents to be completed by the applicant(s)

• Application form containing:
  • Loan Purpose Checklist – which advises the intended use of the funds;
  • No Doc70 Declaration of Financial Position – declaring that the loan amount applied for is within the applicants’ ability and capacity to meet their repayments;
  • Declaration of Purpose (non-UCCC regulated only);
  • 100 Point Identification form;
    Privacy Act Consent form, (in the trustee’s approved format);
  • Excluding asset and liability statement and;
  • Excluding stated income

Documents to be provided with all applications

• Completed Application form;
• No Doc70 Declaration of Financial Position;
• Declaration of Purpose (non-UCCC regulated only);
• No Doc70 Program Credit Package Checklist;
• Purchases – Copy of executed Contract of Sale or Certificate of Title;
• Refinances – Satisfactory conduct of any loan being refinanced;
• Refinances – Executed Discharge Authority.