Low Doc Loans 70 Refinance
September 2, 2010 | Comment Comments Off
Coming soon. Watch this space !!!... Read more.
Low Doc Commercial Loans
August 19, 2010 | Comment Comments Off
Low Doc Commercial loans are still available up to a maximum LVR of 75% on good commercial properties in major metropolitan areas. The maximum loan size at 75% is $1million. Larger loans are available at lower LVRs. Applicants, which can also include companies, must have clean credit and current loan must have been paid on time. This is to be shown through six months loans statements. Specialis... Read more.
Lending for low doc loans tightens
August 2, 2010 | Comment Comments Off
Since the Global Financial Crisis there has been a gradual tightening of credit policy. This has been particularly evident in the case of low doc loans. It has been especially noticeable with the major banks. We are often receive a call where the customer is with a particular lender, they have gone to get a top up or change their existing loan and are now subject to the bank's new lending criteria... Read more.
Low Doc Loans 80% refinance
July 6, 2010 | Comment Comments Off
Low Doc Loans can be used to refinance existing home loans at 80%, however they are harder to get approved due to the tightening of credit criteria by the banks. As a guide the loan being refinanced should be a full document loan and if there are any extra funds being requested then the purpose of these extra funds must be clearly stated. Full Doc Loan to Low Doc Loan at 80% For 80% refi... Read more.
Large Low Doc Loans
May 11, 2010 | Comment 0
Large low doc loans are still available. Many lenders are now capping out their maximum low doc loan amount at $2.5 million. There is still funding for large million dollar low doc loans above this figure. As a guide you are looking at 2% set up costs and a normal investment home loan rate. Maximum 60% LVR and sound residential security. Cash out available in certain circumstances. Ideal for p... Read more.
Bankwest low doc loans withdrawn
April 28, 2010 | Comment 0
Effective Close of business 30 April 2010 Bankwest Low Doc Home Loans will be withdrawn from sale. What does this mean? Refinances will no longer be available, using a Bankwest Low Doc Loan. For purchases there will be the re launch of the Easy Doc Product. This means there will only be one rate irrespective of the LVR. The Easy Doc Home Loan will automatically roll to the Lite Home Loan ... Read more.
Low Doc Loans mortgage insurance postcodes
April 19, 2010 | Comment 0
Low Doc loans are historically divided into two categories. Low Doc Loans without mortgage insurance and low doc loans that are mortgage insured. 60% LVR Generally low doc loans 60% or less do not require mortgage insurance. For this reason they are easier to qualify for. However, they do require 40% equity. Up to 80% These low doc loans are normally mortgage insured, however, it is ... Read more.
Low Doc Construction Loans
March 10, 2010 | Comment 0
Low doc Construction loans are still available for building residential homes in major metropolitan areas. An interest only low doc loan during construction. At 60%, can be done at or near normal home loan rates. The applicant must be an individual and there cannot be more than one building constructed. A Low Doc Loan Construction at 80% can also be done, however there will be a slight ... Read more.
CBA Low Doc Loans increase .25%
March 2, 2010 | Comment 0
CBA Low Doc Loans and ANZ Low Doc Loans have both moved quickly to increase their rates by 0.25% St George Low Doc Loans and Westpac Low Doc Loans have held off moving more than the RBA rate increase as well. Both the CBA and ANZ will also increase their deposit rates by 0.25% as well Are rates heading back to normal? What's normal home loan rates? As a footnote to the above, ANZ L... Read more.
Rural Low Doc Loans
February 15, 2010 | Comment 0
Rural low doc loans now available for loans that have an investment purpose. Generally for a year only, so there needs to be a clear exit strategy so the loan can be paid back. These types of loans are normally low LVR, and it is preferable there is a building on it, although not mandatory. 85% LVR Low Doc Loan for clean credit still achievable in major metropolitan areas. Also Low Doc Loa... Read more.
Low Doc Loans 80 No BAS
February 10, 2010 | Comment 0
Low Doc Loans 80% No BAS now available for refinance and purchase. No Business Activity Statements required. Clean credit only. Available in major metropolitan areas. Must be zoned residential and have a building in sound condition on the property. Rates are different dependent on upon whether it is a refinance of an existing low doc loan, or a purchase. Rates as per the home page. If you a... Read more.
Low Doc Business Loans
January 28, 2010 | Comment 0
Low Doc Business Loans may be available for applicants that want to purchase a new business. The low doc loan must be secured against an investment property. If the total lending does not exceed 65% there may be no need for ABN or GST registration as long as applicant has a strong asset position. This type of low doc loan is well suited for applicants in one field of work who wish to buy a small ... Read more.
Westpac Low Doc Loans
January 18, 2010 | Comment 0
Low Doc Loans LVR change. Westpac The maximum LVR on Westpac Low Doc Loans will be reduced from 82% to 80%, effective Wednesday 20 January 2010. This change will also apply to existing customers that have low doc loans that need to be re-originated as a result of a top up. If a customer pays the mortgage insurance separately (or upfront) the total low doc loan amount will still be 80% ... Read more.
Difference between Low Doc Loans and No Doc Loans
December 19, 2009 | Comment 0
What's the difference? As a guide Low Doc Loans can be on either owner occupied, or investment properties. They require an income declaration. Should have an ABN for 2 years and be registered for GST. A normal LVR is 60% without mortgage insurance, and 80% with mortgage insurance. Rates on low doc loans are either at, or near home loan rates. Normally a term loan of 25-30 years. No Do... Read more.
Low Doc Loans to return through AOFM
December 8, 2009 | Comment 0
Low Doc Loans may be back with AOFM investment. Up to 10 per cent of loans funded under the next planned round of $8 billion in investment may be low doc, though still secured over the borrower’s home.... Full article from The Sheet ... Read more.
Westpac low doc loans rise .45%
December 1, 2009 | Comment 0
Westpac low doc loans rise .45% after RBA only moved .25%. This move by Westpac is proof that banks do and will move low doc loan rates as they please. Often we hear from low doc loan customers that they are concerned the non banks may be more expensive. This move by Westpac clearly dispels that argument. Treasurer, Wayne Swan has been less than impressed with Westpac's extra rate increas... Read more.
RBA Interest Rates for 2009/2010
November 9, 2009 | Comment Comments Off
The rate for low doc loans is partly driven by RBA interest movements. RBA interest rates are normally set when the bank meets on the first Tuesday of each month, except January. 2009 In 2009, at the RBA meetings, the bank has set the rates as follows:- RBA interest rates for 2009 • Tuesday, 3 February 2009 rates decrease 1% • Tuesday, 3 March 2009 ... Read more.
Low Doc Loan variable rates rise again
November 9, 2009 | Comment 0
The four major banks, CBA low doc loans, ANZ low doc loans, Westpac low doc loans, and St George low doc loans have all passed on the rate rise again, meaning the variable rates for low doc loans have risen by at least .25% again. This is on top of the .25% increase that occurred on Tuesday October 6 2009. Low doc loans have risen a total of .5% in the last two months. The next meeting of the Rese... Read more.
Positive Credit Reporting
October 22, 2009 | Comment 0
GOVERNMENT TO INTRODUCE “POSITIVE” CREDIT REPORTING Responsible lending under the proposed National Consumer Credit Protection Bill 2009 (NCCP) is designed to ensure that consumers are not provided or suggested unsuitable credit for their circumstances. In early October, Senator Joe Ludwig, Special Minister of State, announced proposed reforms to the Privacy Act and Regulations. An expos... Read more.
Low Doc with credit default
October 20, 2009 | Comment 0
With banks and mortgage insurers, it is becoming more difficult to get Low Doc loans with credit defaults. We have seen the mortgage insurers refuse to insure low doc loans with any sort of default. These low doc loans are commonly called credit impaired low doc loans. One of the main criteria looked at with these credit impaired low doc loans, is the size of the default and whether or not it ... Read more.
Low Doc Loans still available without BAS
October 14, 2009 | Comment 0
Are Low Doc Loans still available without BAS? Yes. As the major banks have tightened their credit policy in regards to Low Doc Loans, it is true that they have become more expensive. The question is how much more? We are already starting to see some evidence of Low Doc Loans without BAS being quoted at high rates. However, Low Doc loans without BAS are still available at or near home loan rate... Read more.
Variable interest rates rising
October 9, 2009 | Comment 0
With the large four banks increasing variable rates, Low Doc Loans are set to get more expensive. We are now also starting to see the emergence of two types of low doc loans. Low Doc loans with BAS statements and Low Doc Loans without BAS statements. Don't be surprised if there is another rate increase for low doc loans before the end of the year. We are also starting to see some lenders add a ... Read more.
CBA increases fixed rate Low Doc Loans rates
September 29, 2009 | Comment 0
Fixed rates for Low Doc Loans on the move up again. Low Doc Loans are getting more expensive. In the last six weeks we have rates for fixed rate low doc loans move over one percent. As a footnote to the above, CBA are now requiring BAS statements with their 80% low doc loans. There is still alternative low doc finance out there at 80% for both purchases and refinances that do not need BAS. ... Read more.
RAMS increases its fixed rate low doc loans
September 18, 2009 | Comment 0
RAMS has increased its fixed rates for low doc loans today for loans 1-5 years Further effective 24 September 2009 All RAMS Low Doc loans applications are to be supported by the following:- 1. Business Activity Statements (BAS) for the past 12 months and ATO Lodgement Reference Number AND 2. The last 3 months account statements evidencing payment of tax as advised on the BAS. As a foo... Read more.
What is the future for Low Doc Home Loans?
September 11, 2009 | Comment 4
Low Doc Loans have been around for many years. Previously low doc loans were done through solicitors funds at around 66%. Over time, the banks then started to slowly start to enter this space. In 2005, the RBA commented about Low Doc Loans. For the full article. With the beginning of the credit crisis in 2008, there was a general tightening of lending across the board. Much of this was t... Read more.
