80% No Doc Loan

[JumpinJack]

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

What would be the interest rate on this no doc?

I assume that either the application and/or break fees are astronomical?

 

[Rolf Latham]

Hiya Jumpin

Pretty much all Borker based 80 % no doc lends now need the ABN and the GST

Some even at 70 %lvr

ta
rolf

 

[knightm]

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

MJK I am talking with ID about this at the moment. What they have suggested to me is to have 2yr abn, plus register for gst plus set up the gst registration so you complete annual bas's to reduce the workload, then submit bas with nil activity if there is no profit or loss whithin the business entity. They have not suggested cancel gst.

 

[Rixter]

What would be the interest rate on this no doc?
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8.79%. Without digging out the loan docs break fees within the first couple years were not over the top. But why take out a loan in the first instance if you were going to break and be subject to fees. No point really.

 

[MJK]

MJK I am talking with ID about this at the moment. What they have suggested to me is to have 2yr abn, plus register for gst plus set up the gst registration so you complete annual bas's to reduce the workload, then submit bas with nil activity if there is no profit or loss whithin the business entity. They have not suggested cancel gst.

Interesting, thanks for reply. I suppose the girl at the ID stand at the EXPO was not completely up to speed with the finer aspects as suspected.

I'd be interested to hear what sort of rates and product they offer you. I heard funding was Bank of Scotland.

MJK

 

[ffc1883_1996]

Hello investors and brokers,

The RAMS 80% no doc is perhaps one of the best ways to release equity without having to sell your asset or demonstrate an income. A few questions...

(1) It's generally considered a good thing to have your portfolio spread across multiple lenders. Are there any similar 80% LVR products out there?

(2) Do you think it's likely that more and more such products will appear on the market in years to come?

(3) Perhaps you feel that the "credit-crunch" will dictate the removal of such products from the market?

Thanks - Ben

 

[BayView]

I was recently told by my Broker that the Rams 80% No Doc was not available anymore, and he also told me that he was told at a conference for the industry that they should stay away from Rams altogether in the near future.
Any comments from the Brokers out there?