Looks like ANZ are going down the path of CBA and a few others and introducing changes requiring BAS for all low docs
ALso pre pre-approvals being reduced to 90 to 120 days depending on loan purpose.
Changes effective 13/12
Yes put 2 deals in with Anz under the old system at the start of the week and got approvals today in the nick of time.
Think this will be across the board with major lenders as they comply with NCPP.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Does this include the 60% Low Doc? Do you know the story with NAB atm?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Terry
Yes Anz Lodoc 60 requires BAS from now on whilst Lodoc PAYG disapeared some months ago.
At the moment NAB still do P & I Lodoc on their SVR or LOC product (Not interest only) on stated income but talking to them today this will likely change before Jan 1 11.
Suncorp have announced a change as well so limited market when it comes to Stated Income.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Thanks Richard.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Richard think ANZ is live 13/12 so we have until then.
Adelaide bank have gone the other way though and just require a very non binding declartion by the accountant.
Marty McDonald | Mortgage Experts
http://mortgageexpertsonline.com.au/
Phone MeYes Spiro 2 weeks left there with Anz.
Agree Marty interesting stance that the emphasis is now on the Broker under NCPP with some lenders.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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