All Topics / Finance / No Doc or Low Doc?

Viewing 9 posts - 1 through 9 (of 9 total)
  • Profile photo of GrregGrreg
    Member
    @grreg
    Join Date: 2003
    Post Count: 121

    I need a bit of advice from the friendly resident mortgage experts..

    My mother intends to get a loan against her unincumbered PPOR. She has an ABN for 6 months, and is unable to prove income for a full doc. Ideally we would prefer a higher LVR over a lower interest rate.

    What banks and products can you suggest, and what costs are we up for? We will borrow IO and pay LMI from the borrowed amount.

    Thanks,
    Greg

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

    You would be looking at around the 7% mnark for this sort of lending.

    Some loans have application fees of about $800, others have monthly fees. Best to get a broker to present you with a range of options.

    Cheers,

    Simon Macks
    Residential and Commercial Finance Broker
    ***NODOC @ 7.15% to 70% LVR***
    [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 Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Greg

    As Simon has stated many of these types of loans have varying features and charges.

    Some have a maximum “cash out” amount others have no limit.

    Depending on the loan amount required LMI should not be payable and in most cases IO is available.

    Richard Taylor
    Residential & Commercial Finance Broker
    **Lodoc Commercial loans from 7.39%**
    Licensed Financial Planner
    Ph: 07 3720 1888
    [email protected]

    Richard Taylor | Australia's leading private lender

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    RAMS will do up to 80% on No Docs, and Maquarie up to 70%. Macquarie have reduced their rates as well for loans over $200K – now 6.98% with No LMI payable.

    Terryw
    Discover Home Loans
    Parramatta
    [email protected]
    Sign up to my mailing list.
    Just send me a blank email, with “subscribe” in subject line.

    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 Jenny1Jenny1
    Member
    @jenny1
    Join Date: 2004
    Post Count: 269

    Do you guys know of any financial institution that would do a low doc no doc 100% of the purchase price?

    Thank you

    Jenny1

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    None will lend 100%. One or two lend up to 95%, but the rates are high, around 9%+.

    Terryw
    Discover Home Loans
    Parramatta
    [email protected]
    Sign up to my mailing list.
    Just send me a blank email, with “subscribe” in subject line.

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

    100% + is available but you would need to be offering additional security by way of another property.

    Richard Taylor
    Residential & Commercial Finance Broker
    **Lodoc Commercial loans from 7.39%**
    Licensed Financial Planner
    Ph: 07 3720 1888
    [email protected]

    Richard Taylor | Australia's leading private lender

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

    95% Low Doc.

    Interest rates 8.99% reducing to 7.79% after 3 years
    LMI: 3.45%
    No monthly or annual fees.
    Application fee: $1200
    P&I or interest only
    Security: owner occupied or investment
    Trusts are ok
    Up to 4 splits
    Redraw: minimum $2000
    Deferred establishment fees: 1 Year 2.5% 2-3 years 2.0%
    3-5 Years 1.5%

    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 Stuart MilneStuart Milne
    Member
    @stuart-milne
    Join Date: 2006
    Post Count: 196

    Steven that sounds suspiciously like the offering available via FirstMac. My hat goes off to you.

    There is a multitude of lenders around who will lend you the money just not 100%

    Some are competitive some not so much. Depending on the LVR you might be able to get it down to as low as 6.29% for the first year.

    Stuart Milne
    Non-Conforming Specialist
    READY Mortgages
    http://www.readymortgages.com.au
    [email protected]
    Mob: 0404 056 055

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