hi there finance people,
it has come to my attention that this bank is offering lo doc loans fixed and variable for the same rates as fully verified. can someone confirm this with me as 5 year fixed at 6.95% for lodoc is quite good for me now, however i have a project h & l which was completed dec 03 and refinanced with maq bank. my intention is to now refinance that h & l with st george and fix then transfer maq bank without major costs to the next project again h & l which building should commence in 30days.
if you have any thoughts or suggestion please let me know.thanks in advance
FF
Indeed they do and have done so for around 18 months or so. Bear in mind they are not alone. I can think of 4 or more insitutions which offer the same.
No doubt the full time mortgage brokers on the site will come up with more.
Only issue is LVR which is 65% but may suit.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
No. Max LVR with St George is now 80%. However you have to pay for mortgage insuarnce if the LVR is over 60% (which costs about 0.50%).
Cheers
Stu
Stu
Thanks for that update. Getting a little rusty comes of doing too many wraps.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
I beleive ANZ and CBA also offer low docs with rates the same as their normal loans at 60% LVR. The loans with Macquarie Bank are good to as they go to 80% LVR, starting at 7.30%, but this rate drops down by 0.80% over 3 years.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
ANZ offer the best range of products under ‘lo doc’, however LVR must be below 60% and loan amount must be less than $450,000 to qualify.
St George only offer about 5 products under lo doc….
FYI
I was under the impression that the Anz Lodoc was not really lodoc after all. If you are PAYG you need to be able to provide a Payslip and they want Accountants confirmation if your S/E.
Hardly lodoc.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Suncorp Metway low doc @ 7.07% 80% LVR is not bad, but no interest only Facility,
Bank of QLD 7.07% with mortgage insurance over 60% LVR
The Macquarie Bank, Saver express product is ok @ 7.30% 80% LVR and step down rates over Three years.
Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:1800 820 500
VictoriaPLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
Hi guys,
What’s needed to qualify for a lodoc anyway?Financially Independent = Gateway to FastTrack
Penguin
It varies, but generally you will have to be self employed for 2 years (proven by ABN history). Some will do low docs to PAYE. Some lenders will lend to anyone on low doc loans.
Also soem lenders will not lend to companies or trusts under the low doc products (eg ING and Suncorp)
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi to all the mortgage brokers. Question on behalf of a friend: who will lend lodoc to refinance a home loan and credit card, using about 60% equity on home value, with no proof of income?
Castle Dreamer
(You’ll never go wrong if you never go anywhere – have a go!”
Castle Dreamer,
Try Macquarie Bank 80% LVR pretty good rates at the moment,
If your friend is PAYG then drop me a line for more info.Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:1800 820 500
VictoriaPLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
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