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  • Profile photo of HaroldHarold
    Member
    @harold
    Join Date: 2003
    Post Count: 80

    I have an interesting situation that shall test you all

    I need a lo doc (a nice one where I don’t need proof of income, and one that will go back to standard variable after a while)

    I also need this small loan on a unit under 50sq (45sq)

    In my favour, the unit would be positive geared, but I want to live in it. Also, I have about 80% cash.

    Can anyone help

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

    Where is it?

    The LVR will be 20%? Or did you want to use less cash?

    Simon Macks
    Mortgage Hunter
    [email protected]
    0425 228 985

    Profile photo of ladybugladybug
    Member
    @ladybug
    Join Date: 2003
    Post Count: 3

    quote:


    I have an interesting situation that shall test you all

    I need a lo doc (a nice one where I don’t need proof of income, and one that will go back to standard variable after a while)

    I also need this small loan on a unit under 50sq (45sq)

    In my favour, the unit would be positive geared, but I want to live in it. Also, I have about 80% cash.

    Can anyone help


    Profile photo of ladybugladybug
    Member
    @ladybug
    Join Date: 2003
    Post Count: 3

    quote:


    I have an interesting situation that shall test you all

    I need a lo doc (a nice one where I don’t need proof of income, and one that will go back to standard variable after a while)

    I also need this small loan on a unit under 50sq (45sq)

    In my favour, the unit would be positive geared, but I want to live in it. Also, I have about 80% cash.

    Can anyone help


    Possibly

    There are a number of things you would need to look at to start with – firstly if you really have 80% cash you should be able to get a full doc loan just on rental income. Also I have a couple of third party lenders who would look at it at standard bank low – doc rate 6.8 – 7.4

    Profile photo of HaroldHarold
    Member
    @harold
    Join Date: 2003
    Post Count: 80

    I probably want to live in it so I would want the smallest debt possible….but I would not mind my maximum borrowability (largest loan) but I’ll sit the excess funds in redraw or offset.

    Profile photo of ScottKingsleyScottKingsley
    Member
    @scottkingsley
    Join Date: 2002
    Post Count: 4

    2 questions!
    1 where is it?
    second it should be easy,i have 2 lenders whom drop the rate automaticaly aftern 2 yeasrs.
    Rates & conditiona apply
    Scotty
    0412 425 025

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

    Harold,

    I would recommend offset rather than redraw. That way if the property becomes an IP and you need the funds for a new PPOR then you will preserve the deductability.

    I can recommend two lenders who will give you a LODOC at a normal Fulldoc rate so you wont need to wait two years for it to drop.

    Good luck,

    Simon Macks
    Mortgage Hunter
    [email protected]
    0425 228 985

    Profile photo of HaroldHarold
    Member
    @harold
    Join Date: 2003
    Post Count: 80

    The unit is in a major capital city (I’m not putting anything on this site since I don’t have a contract on it)

    Profile photo of Stuart WemyssStuart Wemyss
    Member
    @stuart-wemyss
    Join Date: 2003
    Post Count: 598

    Hi Harold

    I think Suncorp Metway may be best for you.

    – They will do units over 45 sqm.
    – They may do 80% LVR.
    – You sign a Low Doc declaration setting out your income (you will need to provide an ABN to prove that you are self employed).

    The loan details are:
    – Interest rate: 6.47%
    – Application fee: $550
    – Ongoing fees: $10 per month.
    – Break fees: $550 for 3 years.

    I hope that helps.

    Cheers

    Stu

    Property & Finance News
    at http://www.prosolution.com.au

    Profile photo of picja1picja1
    Member
    @picja1
    Join Date: 2003
    Post Count: 144

    Stuart,
    Are you sure with Suncorp, don’t they only lend min 60sqm?
    Also, suncorp you need $250k min assest
    Min 3yrs Self employment in current buisiness.

    St george 6.57%
    Max 65%LVR
    App; $750 then $10p/m
    Min 2 yrs Self employed

    A No Doc loan may be suitable for IP’s 65% max LVR rates vary from 6.8% no ongoing, application $600.

    Lo Doc
    6.84% if <76%LVR
    7.09% if >76%LVR
    no ongoing fee
    application $600
    exit fees; 2mths repayments

    [email protected]

    Profile photo of venturaventura
    Member
    @ventura
    Join Date: 2003
    Post Count: 7

    hey Stuart

    Has ur phone # changed becoz 1800 880 224 is getting answered by someother Co !

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Hi There

    Pictja i think you will find that they scraped the minimum asset requirement some time ago. Minimum lend is $150,000. Also will go to < 50sq M2 depending on the number of units in the block and the height of the building. Normal rates apply.

    Cheers Richard
    [email protected]

    There is no such thing as a problem.
    Just a solution waiting to be found

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    100% Investment Finance now available on selected properties. Email us for further information.

    Profile photo of josie_2josie_2
    Member
    @josie_2
    Join Date: 2002
    Post Count: 15

    Hi Ventura

    Try 1300 880 224.

    I have had a few people tell us that the website says 1800 but it is definately 1300.

    Have another go.

    Josie

    Profile photo of Stuart WemyssStuart Wemyss
    Member
    @stuart-wemyss
    Join Date: 2003
    Post Count: 598

    Suncorp may or may not be the best answer… I just thought that I would get some discussions going on the lenders that may be able to help Harold. Talking about the specific lenders will help Harold and other readers increase their knowledge. Just a thought…

    Cheers

    Stu

    Property & Finance News
    at http://www.prosolution.com.au

    Profile photo of TeyluTeylu
    Member
    @teylu
    Join Date: 2003
    Post Count: 68

    Just a note.

    There was a article in Sydney Daily Telegraph yesterday all about Lo-Doc loans. It out lined which lenders and also mention some do not require tax returns.

    Cheers,
    Teylu

    “Has anything you’ve done, made your life Better?”
    (American History X)

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