All Topics / Help Needed! / question for the buyers agents

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  • Profile photo of redleavesredleaves
    Member
    @redleaves
    Join Date: 2006
    Post Count: 54
    November 19, 2006 - 11:06 am

    I’ve been looking at some websites of buyers agents.
    When a property is listed, it often says ‘suitable for full documentation lenders’.
    What does this actually say about the property??
    Thanks
    RL

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781
    November 19, 2006 - 10:06 pm

    Sounds like someone’s website needs to be made simpler to understand.

    A FULLDOC loan is a standard loan that most people get.

    The website must mean it is either:

    1. Suitable for a normal loan with conventional interest rate, rather than a loan set up for unconventional lending situations or

    2. Not suitable for any LOWDOC or NODOC loans where LMI is involved at any LVR.

    Even I am not sure what he means!

    Cheers,

    Simon Macks
    Residential and Commercial Finance Broker
    [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.

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