All Topics / Finance / First Mac No Doc

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  • Profile photo of MortgagemanMortgageman
    Participant
    @mortgageman
    Join Date: 2004
    Post Count: 164
    Hi 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,

    Cameron Perry
    Perry Financial Strategies
    [email protected]

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

    Hi Cameron

    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.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    100% Investment Finance now available on selected properties. Email us for further information.

    Profile photo of MortgagemanMortgageman
    Participant
    @mortgageman
    Join Date: 2004
    Post Count: 164

    Hi Richard,

    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.

    Kind Regards,

    Cameron Perry
    Director
    Perry Financial Strategies
    Level 13, 30 Collins St
    Melbourne VIC 3000
    Ph (03) 9662 1999
    Fax (03) 9662 2044
    [email protected]

    Profile photo of v8ghiav8ghia
    Member
    @v8ghia
    Join Date: 2005
    Post 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'………..

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post 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    In addition they have withdrawn there "X" value product and Pro pack from the market entirely.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.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    100% Investment Finance now available on selected properties. Email us for further information.

Viewing 5 posts - 1 through 5 (of 5 total)

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