All Topics / Finance / 95% Lo Docs

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  • Profile photo of pfsfinancepfsfinance
    Member
    @pfsfinance
    Join Date: 2004
    Post Count: 171

    There will be another 95% lo doc loan available in the next couple of weeks. I do not have all the details yet, but will post when I have the information.

    e: [email protected]

    Mobile: 0425 358 293

    Profile photo of FFCommFFComm
    Member
    @ffcomm
    Join Date: 2004
    Post Count: 627

    95% LowDoc??!!!! Wow.

    I guess it will be postcode restricted?

    Also which mortgage insurer will be holding the bag?

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891

    There is already one available, its been out for a few months now.

    Profile photo of pfsfinancepfsfinance
    Member
    @pfsfinance
    Join Date: 2004
    Post Count: 171

    There is already one out there now, but there will be a new one hitting the market in the next couple of weeks.

    If the product is similar to the 90% lo doc they have, there will be no mortgage insurance, but a settlement fee. The 90% product has a 1% settlement fee, payable on settlement.

    e: [email protected]

    Mobile: 0425 358 293

    Profile photo of maximusmaximus
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    @maximus
    Join Date: 2003
    Post Count: 189

    Hi.

    What sort of interest rate do these loans have?

    Also, I posted earlier on about giving an unencumbered property as security to get access to a L.O.C., would that qualify for one of these loans?

    Thanx

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

    A 1% settlement fee I can handle. It’s the interest rates that kill you and the break fees hold the funeral.

    Just repeating Maximus here. Whate are the interest rates (and the break costs?)

    Love a report when you know

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

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

    95% Low Doc.
    Interest rate 9.45% $600 App fee, 3.5% for LMI
    Break costs 3.5% year1 & 2 and 2% in year 3

    More credit providers will soon be putting these products on the market, so as the competition heats up the rates and fees will become more competitive, 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 TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213

    Steven

    Thats the First Mac one. I think notabrokeranymore may have been referring to another 95% low doc?????

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

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

    Yes I know Terry cheers,
    I forgot to mention the 95% product I referred to require a portion of the security to be owner occupied, hopefully the new 95% product NABAM mentioned will be more investor friendly, Cheers.

    Kerrie could you send me a product matrix when its released, Thanks.

    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 pfsfinancepfsfinance
    Member
    @pfsfinance
    Join Date: 2004
    Post Count: 171

    Steven- I’ll send you a product matrix as soon as it is released.

    I will also post the relevant details regarding the product on here.

    e: [email protected]

    Mobile: 0425 358 293

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

    Thanks NABA, 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 TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Bluestone have a new 95% low doc too:

    – Rate 10.79%
    – Owner Occupied only
    – Clear credit report
    – Minimum population requirements of 75,000 within 10kms of the security property
    – Max loan is $350,000
    – Must have held an ABN and be registered with GST for 12 months or more.
    – No LMI

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

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

    There are actually a few 95% low doc products on the market. They are usually very expensive but the one Kerri is referring to is one of the best I am aware of.

    Robert Bou-Hamdan
    Mortgage Adviser

    [email protected]

    Investor Links

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