A major bank has discontinued a low doc loan product, citing the loan's unpopularity as the reason.
NAB his announced it will discontinue its Low DoC home loan as part of its strategy to "simplify" its product range.
"In line with our ongoing promise of making it easier for our customers to do business with us, we’re simplifying our product range and removing products which are no longer popular," said the bank.
"Given the current take up of NAB
’s Low Doc Home Loan, the removal of it should have limited impact for you and your customers."
Applications for NAB
Low Doc loans received prior to 24 January 2014 will continue to be processed, but all applications received on or after this date will not be accepted.
Homeside's Low Doc loan is unaffected by the change.
"Your self employed customers can continue to benefit from the range of NAB
and Homeside home loans," said NAB