Forums / Getting Technical / Finance / Loan Size Increases on Low Docs

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  • Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,173

    Hi

    There have been a few changes lately with the two major mortgage insurers. It is now possible to obtain much large loans and their maximum exposure levels per client has also changed.

    This will effect Low docs, full docs and No Docs.

    some examples:
    95% loans to $650,000 (was $500,000 previously)
    80% Low doc loans up to $1,000,000
    80% low doc loans now available in cat 3 areas (GE).

    So if you had hit the wall, or reached your limit, you may now find you can qualify for further loans.

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

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

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

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

    A lot of the funders haven’t increased their maximum loan amounts to match the mortgage insurers yet, but it will be done of the next couple of weeks.

    State Manager
    0425 358 293

    Wholesale Mortgage Lender that deals only with brokers.

    20 years in Finance Industry

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,173

    I should also add, PMI have increased their maximum total customer exposure on PMI Low Doc facilities from $800K to $2.4 million per borrower!!!!

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

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

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

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