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Majors tighten on self-employed borrowers

By Staff Reporter
24 September 2009 | 1 minute read

Westpac, St. George and RAMS are the latest lenders to tighten up on their policy for self-employed borrowers.

RAMS Home Loans will require all low doc loan applications to be supported by business activity statements (BAS) for the past 12 months, an ATO lodgement reference number and account statements for the last three months that show evidence of tax payments.

RAMS’ head of product Joanne Reid told Mortgage Business the changes were introduced to bring the company’s policy in line with the competition.

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“We are always reviewing our competitive position,” Ms Reid said.

RAMS is not the only mortgage provider to introduce policy changes to their low doc loans.

Last week St George announced that all low doc home loan applications must be supported by a BAS for the last 12 months, the last statement being no more than 3 months old at the date of application.

Westpac also recently implemented similar changes.

Effective from the 23 September 2009, the bank stipulated that all low doc applications must be supported by 12 months worth of BAS as part of the application document requirements.

 

 

 

Majors tighten on self-employed borrowers
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Do you have an industry update?

top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.