Adelaide Bank’s Lease Doc is back

After a short hiatus, Simple Doc (Lease Doc) is back. A customer's ability to service this loan is based exclusively on the strength of the lease agreement.

While there are some slight changes to the old product...

• Acceptable applicants are now companies/trusts (not individuals)

• Maximum total loan(s) per borrowing group is now less than $900k

...its great bones remain, including:

• Adelaide Bank do not require financials, tax returns or Accountant letters

• The lease from an unrelated party is to have at least 12 months to run at the time of formal loan approval

• Loan term up to 25 years

• Debt Service Cover ratio (interest cover) from 1.00x

• LVR up to 65%

• Rates from 5.79% variable (LVR <60%).