BEAT low doc features
BEAT might be able to offer a mortgage solution even if you have little documentation. The interest rate is higher than the BEAT Standard Variable Home Loan and the amount you can borrow against the value of your property is lower, but if you are self-employed it might be an ideal solution. For more information contact your local BEAT representative or complete the form today.BEAT FAQs
You probably have questions about BEAT, our home loans and mortgage solutions in general. You’re not alone! Here is a list of common questions and answers that should help you choose the best loan for your needs. For more information contact your local BEAT representative or complete the form today.
| Basics | |
| Loan Term | Any loan term between 5 and 30 years |
| Minimum Loan Amount | $50,000 |
| Maximum Loan Amount | You can borrow up to $1,000,000 depending on the value of your property. |
| Lenders Mortgage Insurance | Is required if you borrow more than 60% of the value of your property and your loan is for $300,000 or more. What is Lenders Mortgage Insurance? |
| Repayments | Interest only (1-5 years) or principal and interest |
| Repayment Frequency | Weekly, fortnightly or monthly |
| Features | |
| Income Documentation | This product may suit self employed individuals who may find it harder to prove their income. However, as the interest rate will be higher and the amount you can borrow against the value of your property will be lower, if you are able to provide full evidence of your income you may be better considering one of our other BEAT products. |
| Additional Repayments | Anytime, to help you save on interest costs and pay off you loan more quickly. |
| Visa Debit Card | You can link a Visa debit card to your BEAT Low Doc Home Loan to make redraws or purchases. |
| Redraw Facility | Yes, you can access any additional loan payments you have made. |
| Minimum Redraw Amount | You can redraw as little or as much as you like, up to your scheduled loan balance. If you are using a Visa debit card for the redraw then a maximum of $1500 per day applies. |
| Ability to split loan | You can split your BEAT Low Doc Home Loan to increase its flexibility. Your BEAT Advisor can help you structure your loan to suit your needs. Fees, charges and conditions may apply. |
| Exit Fees | You can repay your loan in full at any time. Fees and charges may apply if you repay your loan early. |
| Portability | Yes, you can ask to keep the same loan if you sell your property and buy a new one, without having to apply again. Our normal credit criteria will apply. |
| Loan Variation | You are able to increase your loan amount, change from principal and interest to interest only repayments, move to a fixed rate or change the security we hold on your loan. |
| Comparison Rate Schedule | Download Comparison Rate Schedule here |
| Fees | |
| Application Fee | Nil |
| Settlement Fee | Nil |
| Valuation Fee | Nil |
| Legal Fees | Nil |
| Ongoing Fees | $299 per year |
| Split Loan Fee | Nil |
| Variation Fee | Nil |
| Redraw Fee | You can call us or use BEAT Online to request up to 5 free redraws per month. After that it will cost $20 per redraw. Alternatively, if you use your Visa debit card, then only the Visa debit card transaction fees apply. |
| Visa Debit Card Monthly Fees | $5 per month for unlimited transactions |
| ATM charge | If you use your VISA Debit card for ATM transactions, the ATM owner will charge you a fee. The fee will be shown on the screen and you can choose whether to proceed and pay the fee or cancel the transaction and no fee will be charged. |
*Applies to the BEAT Basic Variable Product, based on comparison rates for existing or approved loans for new customers. Excludes fixed rates and limited time offers. Lending criteria apply.