Express – Otherwise known as streamlined or Low-Doc. This means you qualify for an expedited loan process with minimal loan documentation required. Credit always reserves the right to change assessment to a STANDARD policy.
Some of the criteria to qualify for Express policies may include:
- ABN to be active for 12-24 months
- ABN to be GST reg’d for 1 day to 24 months
- Property owner verified by current rates notice in the individual’s name.
- Satisfactory credit reference will sometimes be requested.
- Age of asset will also be a factor. Contact our office to find out if your asset fits the Express Policy criteria.
Standard – Otherwise known as Full Financials or Full-Doc. This means your loan will be assessed on your ability to service debt, factoring in your income and expenses using verified income using one or more of the following documents:
- Current Payslips
- Accountant prepared financials and/or cash flows.
- Interim management financials may be requested depending on the time of year.
- ATO portals showing no outstanding tax debts can also be requested from your accountant.
- Individual Tax Returns for the directors/shareholders/guarantors/individuals.
Since every client situation is different, we encourage you to call our team and discuss the particulars.