any lenders offer low docs without BAS?
- Thread starter Wiseguy
- Start date
Yes there are lenders that will do it without BAS statements. They would require a combination of trading statements and/or accountants letters instead. You probably wouldn't get ideal full doc rates, but it's possible to come fairly close with a 50% LVR.
The question needs to be asked, if you've been in business for 10+ years, why aren't you able to provide a tax return or two? This deal could likely be done on only the 2012 years return if the 2011 year doesn't look good. There's even lenders that don't need 2012 year yet.
Also you may not be submitting BAS statements because you're not exceeding the GST threashold. Even when people aren't making more than $75k, I would suggest it's good business practice to be registered for GST.
The question needs to be asked, if you've been in business for 10+ years, why aren't you able to provide a tax return or two? This deal could likely be done on only the 2012 years return if the 2011 year doesn't look good. There's even lenders that don't need 2012 year yet.
Also you may not be submitting BAS statements because you're not exceeding the GST threashold. Even when people aren't making more than $75k, I would suggest it's good business practice to be registered for GST.
all relative I guess, the days of low doc cash out to put on black at the casino are long gone. Lucky to find a lender that will do a low doc refinance these days really.
I dont do LO docs anymore period..................
If I can find enough evidence of income to sign off affordability under NCCP, then I have found you can often push them through as full doc
ta
rolf
If I can find enough evidence of income to sign off affordability under NCCP, then I have found you can often push them through as full doc
ta
rolf
how about when you find income most lenders cant use? like NRAS incentives? child support that isnt court ordered? itinerant work? boarder income? proposed boarder income? savings/income from self managing rather than paying an estate agent? start up income from a new business etc.
Dont get me wrong, Im not an apologist for dodgy low doc, and in principle NCCP is a great step forward. However lenders interpretation of it, and how it interacts with lending policy bites.
all of those can be bodgy and not continuing, even NRAS, which is why lenders are loathe to use it ........and thats where the interp of the NCCP becomes a big issue, since there is no such thing as job security any more.
Personally, that style of work I usually look to get through on full doc, and if not poss, then refer it to another broker.
Im not saying there is anything wrong with lo doc, just not my flavour.
ta
rolf
does Rams still use a broker channel
Rams are affected by NCCP, and they along with a whole swag of other lenders offer lo doc still.
Rams lo doc rates are better than most, and they can do either bas or accountant dec. their cashout is now fairly ordinary, but they can still refi, where many lenders only do purchases and OO refi.
Rams lo doc rates are better than most, and they can do either bas or accountant dec. their cashout is now fairly ordinary, but they can still refi, where many lenders only do purchases and OO refi.
Rams variable rate 5.75% or fixed rates between 4.99 and 6.69 (same fixed rates as full doc)
Sorry mate, I misunderstood. I thought they were still doing low doc without BAS or accountants dec
Im not sure what you mean by second channel. rams set up fees are $870 in total, same as full doc. Rams dont use any other channels except their franchisees. Some broker refer low doc business to franchisees, but the franchisee and rams dont charge the client for this (and some franchisee pay a referal fee to the broker)
Low doc Cash out policy is pretty strict at 80 and less so at 60 lvr.
