All Topics / Finance / Uninsured Lodoc top 80%

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  • Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    For those of you who are using up your LMI coverage on Lodoc might be interested in a new uninsured lodoc product launched today.

    Highlights include

    This Lo Doc program is primarily for Borrowers who have been self-employed or have been full-time investors for at least two years (co-borrowers may be PAYG but they must supply income verification documents). The difference in this product is there is no requirement for Mortgage Insurance up to a maximum LVR of 80%.

    PRODUCT SNAPSHOT Premium LO Doc UNINSURED

    Loans can be regulated or non-regulated purposes.

    • Maximum Loan Size – $2,000,000
    • 80% LVR for loans up to $500,000 in Metro, Regional and Country areas of Australia
    Metropolitan areas
    • 80% LVR for loans from $500,001 to $1,000,000
    • 65% LVR for loans from $1,000,001 to $2,000,000 (NSW,ACT,QLD,VIC,SA & WA only)
    Regional areas
    • 75% LVR for loans from $500,001 to $750,000
    • 70% LVR for loans from $750,001 to $1,000,000
    • 65% LVR for loans from $1,000,001 to $1,500,000
    There is NO maximum exposure limit per applicant or associated entity.
    Security must be located in an acceptable security location.
    INTEREST RATES
    Premium Term Loan for LVR < 70%……7.84% variable
    Premium Term Loan for LVR > 70%……7.89% variable
    Summary of Premium Term Loan
    • Variable rate loan with Direct Card and Direct Credit & Debit Facilities
    • Interest only for up to 10 years or Principal and Interest repayments
    • Additional repayments can be made at any time
    • Redraw – No minimum amount when using Internet. ATM withdrawals using Direct Card
    • Loan Account Fees – 6 Free non-standard transactions per month. (No monthly account maintenance or ongoing fees. No internet or telephone banking fees.)
    • Application fee $275 plus valuation and legal fees (including Title Insurance).

    Richard Taylor | Australia's leading private lender

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