There has been no significant change to the ability of brokers to write genuine low-docs under NCCP, which has only stamped out more dubious forms of lending, according to Select Finance director Bruce Gibbons.

Speaking with Australian BrokerNews, Gibbons, who holds accreditations with almost 80 lenders,said that the NCCP has become the new scapegoat for blame for all things that hinder brokers earning an income.

"This is just like the Privacy Act become the excuse in the 90's for institutions not providing timely information back to enquirers," Gibbons said. "Yet the NCCP has nothing within its legislation that restricts or prohibits low-doc lending. What it did stamp out, was no-doc, lie-doc and sceptical doc."

Gibbons said the basic responsibilities and obligations of brokers have not changed - only the threat of "fines and prison".

"There are still a myriad of lenders - mainstream, non-bank and the likes of superannuation funds - that are still actively lending low-doc type applications, and the demand has not eased," he said.

"What has happened, is the larger lenders have tightened up their criteria. There is now a more pressing requirement for elements such as operating account bank statements, MYOB, BAS returns, interims, accountants sign-off. There are no more "short-cuts". If the borrower can't produce any of this, it maybe should be then a 'sceptical-doc' application," he said.

Gibbons said as the important obligations have not changed under NCCP, the legislation should not deter low-doc lending.

"Brokers just need to make complete and proper enquiries - as they should always have been doing - from the financial information available at the time, and submit the deal to a lender where it matches," he said. "If the information is concerningly lacking, vague, ambiguous, evasive, dubious or unconvincing, then the loan should not be written," he emphasised.

Gibbons said basic obligations included not 'setting up' the client, not committing the client to debt they can't afford, making reasonable enquiries as to the person's ability to meet repayments, not making false declarations to mislead and deceive, and the requirement for a commercial benefit.