Aussie Home Loans Says `Low-Doc' Lending Dead, Australian Says

By Madelene Pearson

Sept. 20 (Bloomberg) -- Aussie Home Loans, Australia's biggest mortgage broker, said `low-doc' loans are dead as lenders flee from high-risk products amid the disaster in the financial sector, the Australian said, citing the company's founder.

The proportion of low-doc loans, those with little or no proof of a borrower's ability to make repayment, written by the broker has fallen to below 2 percent, from 15 percent, the newspaper said, citing Aussie Home Loan founder John Symond.

To contact the reporter on this story: Madelene Pearson in Melbourne on mpearson1@bloomberg.net