Archive for the "Low Doc Loans" Category
Business Car Loans
September 8, 2011 | Comment 0
Interest rates for low doc loans for cars have been again reduced. The rates have been reduced by another .25% This lowering of the rates is good news for small business owners. For all low doc car loans the vehicle must be used for business or commercial use. To qualify for these low doc loans for cars the applicant must be either a sole trader, partnership or company. The small business o...Read more.
Commercial Low Doc Loans
August 10, 2011 | Comment 0
Everyone is now aware low doc loans are definitely harder to get than a few years ago. Having said that, as people become used to the new credit environment, we are now seeing customers start to offer BAS statements. This didn't occur previously. It seems people are now being conditioned by the banks that more paperwork is required when applying for low doc loans. The normal options are either ...Read more.
Low Doc Loans with no BAS
July 13, 2011 | Comment 0
Low Doc Loans with No BAS and no accountants letter are still available. For this low doc loan an ABN for two years and gst registration for one year is required. These low doc loans will require three months trading statements for the self employed entity that is generating the income. Currently there is no application fee, no ongoing fee and no early repayment fee with these low doc loans....Read more.
Accountants verification only
February 1, 2011 | Comment 0
As everyone is now aware, all residential lending is now governed under NCCP. This can only be a good thing going forward, as it will lead to even more responsible lending. Contrary, to what some media commentators are saying Low Doc Loans are not dead. The whole principal of lending is that borrowers should be able to repay their loan comfortably. So what does this mean for low doc loans? It ...Read more.
New funding available for low doc loans
September 30, 2010 | Comment 0
There is no question that funding for low doc loans has tightened. Having said that, to compensate for that tightening, during the month of September we have seen new sources of funding become available. We now have access to a new 70% product for low doc loans in the Sydney metropolitan area. It does not include credit impaired low doc loans. For development finance, we now have access to a fu...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.
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.
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.
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.
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.
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.
