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HomeSide Lending, the National Australia Bank's fully owned brand in the mortgage broker channel, has launched a new home loan product option for self-employed borrowers and other borrowers who cannot meet strict income verification requirements. HomeSide's Plain and Simple Home Loan "Easy Doc" option permits a reduced level of income documentation and can be arranged on production of six months previous satisfactory home loan repayment history , a clear credit history and a satisfactory statement of income from the borrower with verification from their accountant. The loan will be priced at 0.95% above the HomeSide basic Plain and Simple Home Loan variable rate (currently at 6.00% pa for a principal and interest loan). After two years, the customer's loan will revert to the Plain and Simple Home Loan variable rate of the day. "At 6.95% pa, HomeSide's 'Easy Doc' home loan option will be one of the most competitive in the market" says Brian Jones who heads HomeSide Lending. "Our aim is to meet a growing need in the broker channel from self employed and PAYG customers seeking competitively priced home loan products. These customers typically have a good credit background but limited earnings verification. "In the past such customers may have found standard borrowing processes more time intensive and costly." HomeSide's 'Easy Doc' home loan option will be available through HomeSide accredited mortgage brokers from today. The loan will attract a $700 application fee, can be taken over an 8 to 30 year term, at up to 80% of the value of the security property, and have a maximum loan amount of $700,000. Terms and Conditions and fees and charges apply.
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