(22 March 2005 – Australia) National Australia Bank is targeting self-employed business customers with a new Low-Doc home and business loan options product.The new product is designed to cut down on paperwork with the bank able to lend to the customer providing they can show a clear credit history and statement of income, and that they have more than 40 percent equity or deposit for the loan, supported by residential property.
NAB said the initiative was launched in response to an increasing number of requests from self employed customers who were seeking competitively priced home and business loans.
NAB executive general manager of Business and Private Banking, George Frazis, said the offering was another example of the bank’s efforts to simplify its products.
“This is another significant step in our journey to reduce complexity around our finance and helps self-employed business owners and managers get on with running their business,” he said.