High LVR Low Doc Loan

[Zap]

Are high LVR lo doc loans available ?

LVR 90%
Would prefer low entry costs and higher exit costs.
I am not going to sell or refinance for at least two - three years .

Have heard rates are high : 11%
Anything available at a lower rate ?

Any ideas ?

[StuartW]

Royal Guardian lends up to 95% at a rate of 9.29% (there are a couple of other lenders as well).

http://www.royalguardian.com.au/productpdfs/easy_doc_web.pdf

[Qlds007]

Pioneer at 95% is 8.99% reducing to 7.99% variable after 3 years

[dtraeger2k]

Qld007 :

Is LMI payble or capitalised? Is it PMI or GE or another? Is it only available through a broker?

Sorry to be a pain, but could you also tell me what the product is called? I only ask as Pioneer's only lodoc I can find on the internet is 80% LVR and recent trading documents required (which I dont have, but I do have a 2 year old ABN).

Cheers,

[Qlds007]

Hi Dave

Yes available through brokers only.

Application / Valuation / Legal Fee - $1250

Lender Mortgage Insurance – 3.45% of the loan amount + GST + State stamp duty
Deferred Establishment Fee – Year 1 - 2.5%
Year 2 & 3 – 2%
Year 4 & 5 – 1.5%


Interest Rate 8.99% variable reducing to 7.99% variable after 3 years

Must hold ABN for 2 years and be GST registered

[Qlds007]

Dave Sorry

No payable and not GE or PMI

[Rolf Schaefer]

Richard is right, Pioneer (IMHO) is at the moment the best 95% LVR LowDoc product on the market; however, the fees (as with all the others) are pretty high.

[Ajax]

Qlds007,

Apologies but more questions-is there any flexibility on GST registration requirement?

What is the LMI like with a Pioneer Lo doc 90% LVR lend? Is it still 3.45%+gst+s/d?


Ajax

[Rolf Schaefer]

No GST payable; however, stamp duty.

The GST registration together with the ABN must have been in place for at least 2 years.