- MortgagemanParticipant@mortgagemanJoin Date: 2004Post Count: 164Hi all,
Further to the recent changes in no doc policies, First Mac, the provider of the best 70% No Doc product have bumped up rates by 1% and added the requirement of 12 months ABN as well as asset and liability details. For all intensive purposes, this is no longer a true no doc product.
Kind Regards,Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024
Yes i posted that on an earlier post.
So much for the fact that securised lenders rates will not go up any higher than the RBA increases.MortgagemanParticipant@mortgagemanJoin Date: 2004Post Count: 164
Sorry I hadn't read your earlier post. It is a bit of a shame as the no doc was a really good product, but the rates are now getting a bit unworkable.
Perry Financial Strategies
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Melbourne VIC 3000
Ph (03) 9662 1999
Fax (03) 9662 2044
[email protected]v8ghiaMember@v8ghiaJoin Date: 2005Post Count: 871
It may be best to go to one of the big 4 banks for a No doc loan of this type now, at a more competitive rate……..rather than a 'securitised lender'……. I wonder what ANZ, the NAB, and Westpac charge for a 70 or 80 LVR 'no doc'………..Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024
I am with you Cameron was a great product in the old days for what it was.
In addition they have withdrawn there "X" value product and Pro pack from the market entirely.
Had a breakfast siminar with Kim Cannon during the week and he still things they have a few exciting new products to be launched.
As for the Big banks offering such a product I can think of one that offers a better rate and product all round than Firstmac for clients with an ABN for 1 day or employed on probation for 1 day.