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 0
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. ... 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.... 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.
