All Topics / Finance / LoDoc loan recommendations? (just got my ABN)

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  • Profile photo of mixedupmixedup
    Participant
    @mixedup
    Join Date: 2008
    Post Count: 79

    Hi,

    Any recommendations on LoDoc loan products?
    – just got my ABN (so it will not have been active for too long) & GST status
    – looking at property value ~$600,000
    – wanted to kick in hopefully only 20%

    Thanks

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

    Low Doc loans have changed dramatically in the last few months. They are much more rare and the requirements have tlightened up. ING was one of the only ones that did not require an ABN, but their requirements changed yesterday and they now require a 2 year ABN as well as GST registration.

    There may be others still out there that do not require an ABN, but I cannot think of any atm. Maybe RAMS?

    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

    Terry

    Rams from around 3 weeks ago require ABN & GST registration for 2 years plus. 

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

    0-40 Properties in a decade with an unencumbered value of over $35M. Email for a copy of my API article

    Profile photo of Hybrid2007Hybrid2007
    Member
    @hybrid2007
    Join Date: 2007
    Post Count: 67

    So are there no more lo doc loans requiring just the 1 or 2 day ABN ?

    Profile photo of hleunghleung
    Participant
    @hleung
    Join Date: 2007
    Post Count: 141

    I was told that CBA and St George don't require ABN and GST.  That was a little while ago so contact a good broker who may be able to help you.

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

    I am pretty sure St G require an ABN, not sure about the GST

    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

    Yes SGB require 2 year ABN & GST registration and CBA 1 year ABN & GST.

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

    0-40 Properties in a decade with an unencumbered value of over $35M. Email for a copy of my API article

    Profile photo of ducksterduckster
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    @duckster
    Join Date: 2004
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    Profile photo of mixedupmixedup
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    @mixedup
    Join Date: 2008
    Post Count: 79
    Qlds007 wrote:
    Yes SGB require 2 year ABN & GST registration and CBA 1 year ABN & GST.

    So what are the remaining options then guys? (i.e. assuming you already have your full-doc buffer/deposit loan against your PPOR and you don't want to have to use more than 20%-30% from this as deposit towards the IP loan you are chasing)?

    If there's no options left does this mean the concept that you can borrow up to 80% LVR is now flawed because logistically you can't get the loans to do this?

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

    No you can get a 80% lodoc quiet easily however like everything you need to plan.

    All major lenders require ABN & GST registration.

    For a recent ABN you will merely end up paying more for the product.

    If you are PAYG then PAYG lodoc maybe more appropriate.

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

    0-40 Properties in a decade with an unencumbered value of over $35M. Email for a copy of my API article

    Profile photo of BMW330CiBMW330Ci
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    @bmw330ci
    Join Date: 2006
    Post Count: 37

    Richard – you mentioned PAYG lodoc, whats the max LVR for such finance?
    Also, a while ago i recall Westpac didnt check whether the applicant was GST registered or not, or even ABN. Though as Terry mentioned, things have changed alot lately, so it may be worth while checking out just in case.

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

    Hi BMW

    PAYG Lodoc is available at 80% lvr at a rate of 9.55%.

    Westpac now verify your ABN & GST and require this to 2 years +

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

    0-40 Properties in a decade with an unencumbered value of over $35M. Email for a copy of my API article

    Profile photo of Mortgage ExcellenceMortgage Excellence
    Member
    @mortgage-excellence
    Join Date: 2008
    Post Count: 3

    Hello,

    There are a couple of mortgage managers who fund "1 day ABN" loans for self employed.

    Please contact me direct and we can discuss.

    Warm Regards,
    Greg Levett 
    Mortgage Excellence
    P 02 9401 7277       
    F 02 9401 7377
    M 0412 008277W
    E [email protected] 
    http://www.MortgageExcellence.com.au

    Profile photo of BMW330CiBMW330Ci
    Participant
    @bmw330ci
    Join Date: 2006
    Post Count: 37

    Thanks for the clarifcation Richard.

Viewing 14 posts - 1 through 14 (of 14 total)

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