All Topics / Finance / Exit Fees – Low Doc Loan

Viewing 9 posts - 21 through 29 (of 29 total)
  • Profile photo of Robbie BRobbie B
    Member
    @robbie-b
    Join Date: 2004
    Post Count: 2,493

    Island, it has nothing to do with whose is bigger… it is about providing the right information. Is there a problem with the information I provided that annoys you?

    Would you like me to delete all my posts that provide correct and accurate information?

    You said you just wanted “good info”… do you consider incorrect information “good info”?

    Another important point you have missed is that I do not submit loans anymore and Terry does. There is no issue with competition here.

    Robert Bou-Hamdan
    Mortgage Adviser

    http://www.mortgagepackaging.com.au

    Investor Links

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781

    NAB now do a 60% LODOC with no exit fees.

    Standard variable rates apply.

    If you use the Choice package you may save on app fees as well.

    Cheers,

    Simon Macks
    Finance Broker
    [email protected]
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of Robbie BRobbie B
    Member
    @robbie-b
    Join Date: 2004
    Post Count: 2,493

    Doesn’t it suck how HomeSide stopped doing the intro rates on the low docs? That was the cheapest loan on the market if you used the $300 switch after the intro period back into 6.51% plain and simple (before the recent interest rate increase).

    Robert Bou-Hamdan
    Mortgage Adviser

    http://www.mortgagepackaging.com.au

    Investor Links

    Profile photo of debtdoggdebtdogg
    Member
    @debtdogg
    Join Date: 2004
    Post Count: 136
    Hi Markk,
    At 7.32% the STG low doc rate is not competitive,

    Steven

    I would be interested in what rate would be competative in a lo doc variable rate scenario. I went thru a couple of matrices and sourced what I thought was about the best with 60% LVR.

    I am still looking for a lo doc high LVR (around 90%-most max out at 80%) without massive exit fees because it is a short term scenario. Not too worried about interest rates-within reason. More concerned over the 3% early discharge they want. Any suggestions??

    cheers

    markk
    Happy Hunting
    http://www.kentscollections.com

    Profile photo of MTRMTR
    Participant
    @marisa
    Join Date: 2004
    Post Count: 663

    Hi all
    spoke to my broker today, exit fee ST George $300 which is fine.

    Asked about a better interest rate. Apparently because land a house package, some lo doc lenders will only provide money when at lock up stage and he stated it was difficult to find a better lo doc product for this scenario???????

    Have any of you had similiar experience for L&H set up??

    Regards, M[biggrin]

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913

    Hi Markk,
    A few assorted Low Doc Variable Rates.

    A) Low Doc 60% LVR 6.72%
    B) Low Doc 80% LVR 6.76%
    C) Low Doc 80% LVR 6.99%
    D) Low Doc 80% LVR 7.06%
    E) Low Doc 80% LVR 7.24%

    If I publish the name of the lender and the rates I am required to also include the comparison rates, feel free to call or send me an email for the info.

    The Exit/DEF fees will be a problem on a short term 90% low doc.
    Have you considered raising the LVR on your current STG low doc with another lender? in doing so you may only require an 80% lend or lower on the short term low doc loan you are currently pursuing, Cheers.

    Regards
    Steven
    Mortgage Broker

    Mobile Mortgage Market
    Ph: 0402 483 216
    [email protected]
    http://www.mobilemortgagemarket.com.au

    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

    Profile photo of debtdoggdebtdogg
    Member
    @debtdogg
    Join Date: 2004
    Post Count: 136

    Hi Steven

    Have had that thought but the moment we go over 60% LVR Mortgage Insurance kicks in and on the amount we are looking at we were quoted about $8000.

    Any repuable lo doc 80% lends without LMI or with low LMI. I know there are only a couple of morgage insureers out there.

    markk
    Happy Hunting
    http://www.kentscollections.com

    Profile photo of Robbie BRobbie B
    Member
    @robbie-b
    Join Date: 2004
    Post Count: 2,493

    Banks are now required to take LMI on any Low Doc over 60% LVR. You can find many non-bank lenders who do not charge LMI. Some of them have unusual maximum LVRs like 76% before they charge you LMI. I believe a few even go to 90% LVR with no LMI but you pay for it interest. Personally, I would prefer to pay the one-off LMI charge than get ripped off in interest.

    Robert Bou-Hamdan
    Mortgage Adviser

    http://www.mortgagepackaging.com.au

    Investor Links

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913

    Hi Markk,
    EG, Low Doc 80% LVR 7.24% to a 6.90% revert rate after 4 years, this lender will absorb the LMI.

    Alternatively, depending on the term & amount of finance required, it may be more beneficial to pay the LMI and arrange finance with one of the lenders below at the lower rate,
    B) Low Doc 80% LVR 6.76%
    C) Low Doc 80% LVR 6.99%
    D) Low Doc 80% LVR 7.06%

    Regards
    Steven
    Mortgage Broker

    Mobile Mortgage Market
    Ph: 0402 483 216
    [email protected]
    http://www.mobilemortgagemarket.com.au

    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

Viewing 9 posts - 21 through 29 (of 29 total)

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