I am looking for consolidating my loans. Can someone advise me the best Low Doc loan (in terms and conditions) Many thanks
There is no best. There is only best for you – is like asking what the best car is without me knowing you or your needs.
I suggest you get onto a Mortgage Broker.
Cheers,
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Adding to what Simon said, you might not even need a Low Doc loan or you might need a No Doc or Non-Conforming loan instead. Every situation is different.
The Mortgage Adviser
http://www.themortgageadviser.com.au
[email protected]Originally posted by Amused:I am looking for consolidating my loans. Can someone advise me the best Low Doc loan (in terms and conditions) Many thanks
SPAM
Thanks Everyone,
I got $330k from ANZ with two houses worth $520k. ANZ only do low doc at 60%. Therefore compare with 80% (other banks), I locked $86k – which I could use for renovating or buying. I also got another loan from CBA of $330k with two properties worth $600k (one house is under construction). — you can see I got some equity locked and I want to release it and use it.
Again Amused, it will come down to what you want to do. What I consider to be the ‘cheapest’ low dow loan at 80% LVR may not be the ‘best’ for you for other reasons. For example, you seem to want to access funds. The cheapest 80% low doc loan has a 100k cash out limit so you could not draw more than 100k above your exiating loans.
The one I consider the next ‘best’ is not the next ‘cheapest’ but the interest rate reduces fairly quickly and there is no cash out limit.
You need to tell us how much you want and what it would be for. It is always good to sit down with a broker and go through all these details.
The Mortgage Adviser
http://www.themortgageadviser.com.au
[email protected]
Essential Linksyour not very good at math are you amused?
cheers
brahms
Purveyor of Fine Finances
aka Mortgage Broker BrisbaneHi Amused,
At 80% LVR you have $86.000 in equity with the combined properties mortgaged with the ANZ, if the $86K is sufficient then I would look at refinancing these loans first, and look at refinancing the CBA loan after construction is completed.BTW, at the moment it seems all your properties are cross-collateralized, I would suggest keeping these loans separate when you do refinance/extract equity, If you need help with this call or drop me a line. Cheers.
Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Thanks Again everyone.
I think best crossing few things – low establishment fee, good rates, less mortage insurance, flexibility (redraw, discharge – because you donot know when it is raining in your life). Wizard seems very good? does anyone agree?
Originally posted by Amused:Wizard seems very good? does anyone agree?
My mummy said say nothing when you have nothing nice to say. So….
“NOTHING!”
I suggest you use a mortgage adviser / broker. You won’t get a Wizard Low Doc but you will get something a lot better!!!
The Mortgage Adviser
http://www.themortgageadviser.com.au
[email protected]
Essential LinksThanks. I did ask the broker who gave 4 banks (Suncorp, Satewest, BankWest, CBA). The info I gethered shows Wizard is the best among them. Any ideas appreciated.
I would not use any of those for low doc. Unfortunately, unless you give more information, you will not get a proper response here. For example, how long do you intend to keep the loan with one lender.?
The Mortgage Adviser
http://www.themortgageadviser.com.au
[email protected]
Essential Links
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