80% No Doc Loan

[Prakman]

Hi there guys and girls,

I would very much appreciate the knowledge of some the very experienced investor and/ or broker who can advise me where I can get 80% NO DOC without ABN or GST registration.

I am currently using 70% NO DOC through Homeloans Limited but am finding that my cash/ equity is being chewed up rather quickly.

Any help would be much appreciated.

Have a nice day!

Prak

 

[Rixter]

Prak, I have No Doc 80 with Rams....only need ABN which is simple to get. Just fill out online application form.

 

[Prakman]

HI Rick,

Are you sure with this? Cos I got my broker to investigate and since the US credit crunch they noe require 2 years ABN + GST registration. I will look further into this.

Any other lenders would be much apprecaited, I am happy to pay 9% for the extra borrowing ability.

Cheers

 

[Rixter]

HI Rick,

Are you sure with this? Cos I got my broker to investigate and since the US credit crunch they noe require 2 years ABN + GST registration. I will look further into this.

I have a couple RAMS No Doc 80's. One settles this Friday coming.

No GST registration only ABN......its simple to apply for any year ABN you require immediately when you know how

 

[Pablo]

Rixter,

Are you saying that you can back date youre ABN?

 

[Rixter]

I dont think so.....but their application questions are wide open to interpretation

 

[Prakman]

Rick rick rick.. shame on you!! But please explain... !!

 

[Rixter]

please explain... !!

Where's Pauline?

Ok Ok! Heres a tip for anyone wanting a 2 year ABN if they currently dont have one at the moment. Providing you have been investing in IP for at least 2 years that is!

There is a question that you have to answer in the ABN online application form that asks how long have you been in business?

Simply put the settlement date of your first IP (providing its 2 years or more ago) and the ABN registration date will be dated showing its been active since that date.

Yep thats right, instant 2+ year ABN

Hope this helps - oh & thanks for the Kudo's

 

[grossreal]

hi rixter
does the rams no doc do 80% commercial or only resi with 2yr abn.
not looked at there products

 

[steveadl]

I can't remember what I showed them off hand now as it was a couple years ago. I had an ABN, but it was only newly registered. They may also have changed their requirements since then.

Anyway, I use CBA low-doc 80% LVR. So talk to them and see what they can do.

 

[MJK]

I can't remember what I showed them off hand now as it was a couple years ago. I had an ABN, but it was only newly registered. They may also have changed their requirements since then.

Anyway, I use CBA low-doc 80% LVR. So talk to them and see what they can do.

Steveadl,

Do you have to be GST registered to get the CBA low doc?

Forum,

Also, I was talking to the Investors Direct people about Low Docs. They said you could apply to be GST reg and then cancel after settlement. This sounded dodgy to me given you would then need to do at least one BAS statement. I also thought you would be drawing attention to yourself from the ATO.

MJK

 

[steveadl]

Again, it was a while back so I can't remember, plus it may have changed since then. I just gave them my ABN and they were happy with that - what sort of checks they made I wouldn't know.

 

[Buzz]

Westpac although funding Rams now will officially be on side on the 26th Nov and policies may be reviewed. Till then..

Rams 80% Lo Docs - as of last month if you declare an income over $75k you need to be GST registered.

CBA new policy change is that you only need 1yr self employed and a ABN previously it was 2years SE with no ABN.

Hope this helps.
Jane

 

[MJK]

CBA new policy change is that you only need 1yr self employed and a ABN previously it was 2years SE with no ABN.

Hope this helps.
Jane

So what do they consider self employed. Would someone who earns more money from their investments than their PAYE job fit the bill if they have an ABN?

MJK

 

[Rolf Latham]

Jiya MJ

If you earn more from things outside of ur PAYG youd be self funded...........

Much depends on what is presented to whom

ta
rolf

 

[Rixter]

Rams 80% Lo Docs - as of last month if you declare an income over $75k you need to be GST registered.

RAMs 80% No Doc I dont declare any income, assets or liabilities. Did not have to register for GST.

 

[MJK]

Thanks for replies Rolf / Rixter,

Going forward I'm looking for 80% pure asset lend (ie no doc). I have an ABN for 3 years due to a commercial property I used to own but no GST Registration. I deregistered when I sold it so I wouldn't need to do a BAS every qtr.
So far the only lender that will do it seems to be RAMS but I'm a bit nervous about using them and wonder if some changes to their policies will be happening soon.

Are there other lenders that are in this market at reasonable rates and service provision? Not like the GE or Pioneer tyes! Slightly more conventional.

MJK

 

[Rolf Latham]

Hiya MJ

Conventional lenders for unconventional lends

Lenders like Seiza are a bot more flex, with a mix of funding sources..........but I reckon u can never ever fully identify the funding mix

Even some lenders big like ANZ and Westpac have some interesting policies and and conditions that if you actually read them or made aware of them youd think wow.................its not just the smaller guys that have lender risk.

ta
rolf

 

[Kristine..]

MJK

I'm just sitting here faxing through a RAMS Low Doc application for $1,000,000.

Happy customer, been with RAMS before, refinanced to another lender two years ago, decided to come back into the fold a couple of weeks ago, should have settlement done and dusted well before Christmas.

It all depends on what you want and what you are offering. This deal is a specialist security and I know that the customer did a lot of market research before deciding that RAMS offered him the flexibility to do what he wants to do with the property.

Cheers

Kristine

 

[Kristine..]

hi rixter
does the rams no doc do 80% commercial or only resi with 2yr abn.
not looked at there products

Hi grossreal

At this stage, RAMS can only take residential property as security but the Franchise network has lots of interesting things happening soon including access to a wider range of loans for business and commercial lending.

For most Low Doc loans RAMS does not require an ABN to be declared - but it depends on the product and the overall deal.

Cheers

Kristine