Month: March 2010

Low Doc Construction Loans

Posted on by

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 loading due to the extra risk.

It is preferable to have stamped council approved plans and specifications, however if required the land only may be settled first.

Builder must be a major licensed major builder, have builders insurance and applicant must have clean credit.

For both of  these types of low doc loan need 2 years ABN and registered for GST. No BAS or trading statements required.

Building will be inspected at each stage of progressive drawdowns.

Call 1300 LOW DOC ( 1300 569 362) now to see if you qualify.

CBA Low Doc Loans increase .25%

Posted on by

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 Low Doc Loans are no longer being done at 80%. CBA and many of the major banks are now requiring BAS statements with their 80% low doc loans. Given this need for BAS is this really a low doc loan? There are still alternative low doc lenders out there at 80% for both purchases and refinances that do not need BAS.