Effective from 19 September 2009, all Low Doc Home Loan applications must now be supported by Business Activity Statements (BAS) for the last 12 months, the last statement being no more than 3 months old at the date of application. This is in addition to existing Low Doc documentation requirements.
For applications received prior to the 19th, these can be assessed under the previous criteria i.e. Business Activity Statements will not need to be supplied.
Any new low doc applications received from the 19th will require Business Activity Statements to be supplied as a policy requirement.
St George have announced that no policy exceptions will be considered - if applicants are unable to provide BAS statements for the last 12 months per this new policy requirement, then the application cannot be considered as a Low Doc and will be required to be processed as a fully assessed loan with full financials and income details provided.

St George also remind customers that fixed interest rate lock is only available for 90 days from the date a customer requests it. St George advised that as rate loock cannot be extended customers should note the rate lock expiry date which will be shown in the loan offer documents. They alos suggest customers actively manage their side of the settlement through their solicitor or conveyancer.