Low Doc loan with 45%LVR

Im only new to this and I am trrying to get some help on where to find a lender who can refinance my current loan. I owe about  $300,000 on a $650,000 property. I work full time and earn $36,000. I also receive income from child support and single parent (i have twins who are 14 years old). I thought if my home loan was now down to 45% LVR that it would be easy to refinance....but looking around it appears its not. I guess Im trying to find a lender who will do a low doc with a PAYG as the primary income source. Any ideas or solutions???

You should be able to do this with a major bank such as ANZ - if the property is in personal names, and subject to serviceability

Terryw
Finance Broker
Solicitor

Hi Secret Agent

As Terry has mentioned Anz have such a policy however you still are required to state an income and telephone confirmation of your employment will be undertaken.

Suggest you get your Broker to put the deal together for you as you will only get 1 chance at doing the deal and you dont want to get it wrong. 

At Lodoc 60 you would be entitled to a choice of any one of their products.

There are a couple of other lenders who would also look at the deal.

Richard Taylor - richard@tayloredfinancialsolutions.com.au Tel: 07 3720 1888
Residential Mortgage Broker providing structured home loan advice for investors and owner occupiers all over Australia.
Thinking of buying your next investment property using a SMSF. Email me for a copy of my SMSF EBook.

Terry and Richard. I contacted a broker who was 'recommended' to me. I filled in a statement of position from ANZ and declared what I earn and from where. It was declined due to inability to support the loan. It frustrated me when I am paying my current loan which is about 2.5 % more than what ANZ were offering. The broker told me I should have 'stretched' the truth....not very impressed with that from what I thought was a professional.

So my next step was to find out what lenders can I look at for such a deal????

Hate to say i think your Broker has now blown the deal for you as this will show on your Credit Report.

Altenative is to look at a Nodoc deal where no evidence is required however interest rates will be higher and you are pboably better off staying put.

Richard Taylor - richard@tayloredfinancialsolutions.com.au Tel: 07 3720 1888
Residential Mortgage Broker providing structured home loan advice for investors and owner occupiers all over Australia.
Thinking of buying your next investment property using a SMSF. Email me for a copy of my SMSF EBook.

Wow that was quick reponse Richard...I was hoping you werent going to say that... So no other lender will look at the deal?

I want to ring up ANZ and agrue my case but I realise that would be pointless

Hate to say those lenders who will look at it now will charge you more than Anz and probably wont make it worth.

Absolutely pointless to ring Anz and argue as you didnt mean their credit serviceability model and they wont go back on that whoever you are. As i say think it was a total waste of time lodging the application if you Broker hadnt spoken to them first as he / she should have realised it was going to be rejected.

Richard Taylor - richard@tayloredfinancialsolutions.com.au Tel: 07 3720 1888
Residential Mortgage Broker providing structured home loan advice for investors and owner occupiers all over Australia.
Thinking of buying your next investment property using a SMSF. Email me for a copy of my SMSF EBook.

Is there a lender who would charge less than 8.57%?

Damn, you have blown your chances now.

Westpac could probably do it if you were self employed for 1 day or more.

Terryw
Finance Broker
Solicitor

Terry, does that mean I can go and get an ABN number and do a self declaration with Westpac...with only one day with the ABN??? I know its a long shot, but after hearing from both yourselfg and Richard it appears there is not much left for me

possibly, if your income is high enough to service.

Terryw
Finance Broker
Solicitor

Terry, When I first met the now infamous broker we went onto a computer site or prohram he has and it showed that my total incom could service the loan amount, and that took into consideration living expenses..I really appreciate your assistance with this. Ever since I was declined I have been rather disappointed and frustrated

I have been a broker for 8 years and have never used one of those computer programs - they are generally useless.

Terryw
Finance Broker
Solicitor

I wont waste any more of your time Terry. You have been a great help. I guess my last attempt at refinancing to a lower rate would be firstly to ensure that I can service the loan and then obtain an ABN???? then fingers crossed

Anybody can operate a computer program, and anybody can read the results. The real value of a mortgage broker is being able to offer exceptional customer service and offer the right advice. I do not think the ABN is an issue with a few lenders.Regards

Spiro Kolokithas - What If We Finance Tel: 03 8804 1354
www.melbournemortgage.com.au
see the possibilities...

Anybody can operate a computer program, and anybody can read the results. The real value of a mortgage broker is being able to offer exceptional customer service and offer the right advice. I do not think the ABN is an issue with a few lenders.Regards

Spiro Kolokithas - What If We Finance Tel: 03 8804 1354
www.melbournemortgage.com.au
see the possibilities...

Spiro...I guess its one of those things that we learn from our mistakes...and my mistake was to use a broker that obviously was not very experienced.

What lenders dont have a problem with a one day ABN??

To be honest like Terry i have never used a computer serviceability program and work out all my calculations the long way to check and then double check as there as so many hurdles you can get caught on.

Even with 1 Day ABN you will need to state and income so given the Anz fiasco this may not be such a good idea after all.

Richard Taylor - richard@tayloredfinancialsolutions.com.au Tel: 07 3720 1888
Residential Mortgage Broker providing structured home loan advice for investors and owner occupiers all over Australia.
Thinking of buying your next investment property using a SMSF. Email me for a copy of my SMSF EBook.

ANZ. They do PAYG low doc. They confirm employment but not income but as advised that opportunity is gone.  There are other lenders who will do it but rather are around 9%.

As I do not know your circumstances and given your ANZ experience other lenders may not be such a good idea.

Spiro Kolokithas - What If We Finance Tel: 03 8804 1354
www.melbournemortgage.com.au
see the possibilities...

Richard or Terry, would you know where to get a ABN that is registered to a company and that has been running for a while.
maybe you have a client that may want to dispose of one?

Hi Keiko

Hate to say dont have any clients who are looking at disposing a Company but your Accountant may have some.

Just need to ensure that Company is clean skin and carries no baggage.

Richard Taylor - richard@tayloredfinancialsolutions.com.au Tel: 07 3720 1888
Residential Mortgage Broker providing structured home loan advice for investors and owner occupiers all over Australia.
Thinking of buying your next investment property using a SMSF. Email me for a copy of my SMSF EBook.