Archive for "October, 2009"
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.
