Major wraps up low doc loans

by 05 Feb 2014
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.


  • by SIDBROKER 5/02/2014 9:19:50 AM

    Low docs loans and NCCP (over regulation)don`t mix. If the business has the paperwork then they don`t need a low doc.

  • by Broker 5/02/2014 11:00:59 AM

    "Unpopular " - Now That's funny!

  • by Melbourne Broker 5/02/2014 2:01:19 PM

    It probably has a lot to do with the complexity of the product and the attitude of lender.