All Topics / Finance / Further Lodoc Changes

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  • Profile photo of Richard TaylorRichard Taylor
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    @qlds007
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    St George have become the latest lender to withdraw their lodoc product for Company & Trust applicants and become part of the long list of lenders who have exited this chanel of business.

    Amongst the other amendments to their lodoc policy is the "Cash Out" restriction which is now placed at $10,000 over and over the refinanced loan amount plus costs of refinancing.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
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    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of PosEnterprisesPosEnterprises
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    @posenterprises
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    Will this make Living off equity in the future a harder thing to achieve?  How will it affect others who are currently living on equity?

    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
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    Vic I think it is virtually over as far as a strategy.

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

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of TerrywTerryw
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    @terryw
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    PosEnterprises wrote:
    Will this make Living off equity in the future a harder thing to achieve?  How will it affect others who are currently living on equity?

    They may have to get a job!

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
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    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of PosEnterprisesPosEnterprises
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    @posenterprises
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    That's interesting Richard I wonder how the Investors Club are then pushing that angle on live of equity forever.

    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
    Join Date: 2003
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    Dont think they will pushing that barrow much longer.

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

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of sienna1sienna1
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    @sienna1
    Join Date: 2007
    Post Count: 47

    Can you please explain that a bit more.. im not sure why they would do that.. we split our loan 3 ways so we have an account for renovation, one for investing, one for the home loan. are you saying that St George are limiting their loans to what the house costs even when you are refinancing to use equity.

    Profile photo of TerrywTerryw
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    @terryw
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    St George aren't allowing extra money out – over $10,000 – on the low doc product.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

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