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ABL Lo doc is pretty crap these days as they limited the cash out component to only $100k.
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
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.
Rams. no lmi under 60, and reasonable variable rates, excellent fixed rates (no diference to full doc on fixed). Adelaide have a low doc under 70%, but I think the rates are a little higher.
no. Its a bit odd.
Rams writers can write rams, and be accredited with other lenders through another agregator.
At 50% LVR def ok! and rate are quite decent ..Can just use account letter ( rate around 7.30%) or trading statements only ( 5.39% fixed 2 years or ~5.80%) depending on loan amount as well.
P. is this a 50% LVR with a Cash out/equity release?
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.
Used rams twice last year and their set up fee can be hefty, especially when it goes through a 2nd channel. Cash out policy is also all over the place...But they do have the lowest low doc rates...