Archive for the "Low Doc Home Loans News" Category
Lending for low doc loans tightens
August 2, 2010 | Comment 0
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 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.
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.
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 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.
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.
