Any Lo-Doc lenders that will lend to 80% LVR with one year old ABN?

[boods99]

Hi all,

As the title of the thread suggests, does anyone out there know of any low-doc lenders that will lend to 80% LVR with an
ABN that is about 14 months old and GST registration only about 6 months?
I have a few loans with CBA including a $250K LOC that I will partially use as a deposit for another property. I have been told they will do a loc doc for me at 60% LVR but I dont want to stretch that far as I am also building another new IP at the same time.

I have found a great do upperer that has a heap of potential and was wanting to do it up quickly and then get it revalued and borrow 80% of the new val, and then rent it out.

Any suggestions from you finance gurus out there...all help greatly appreciated.

Boods

 

[Spectre]

This sounds kinda familiar...

why wouldnt you do an 80% ld with cba then refi in 8 months when the reno is done.

only other thought off the top of my head is that you have to watch your overexposure to cba as they have the all monies clauses is their loan docs as well.

 

[boods99]

This sounds kinda familiar...

why wouldnt you do an 80% ld with cba then refi in 8 months when the reno is done.

only other thought off the top of my head is that you have to watch your overexposure to cba as they have the all monies clauses is their loan docs as well.

CBA will only do a 60% lend because my ABN is not two years old yet...

I am already at 80% lo-doc with CBA with my other loans which includes the LOC, so they are probably worried that they are over exposed to me!


Boods

 

[morty]

Hey boods,

I had a similar problem with my abn until i found out they can be back-dated.
Just ring the ato and tell them you need it back dated to a certain date.

Hope this helps
Morty

 

[Ajax]

I have been speaking with a broker/lender in Melbourne says can do lo doc at 80% lvr at 8.77% without need for one or 2 years gst registration. Am not talking about incomes below $75k gst threshold that RAMS (and other lenders) will lend on without need to see gst registration. Am waiting for his email on details. I don't think back dating gst registration is smart. Boods99 I will personal message you when/if I receive more details.

A starting point for enquiries woud be

http://www.cannex.com.au/low-doc-home-loan-snapshot/

The brokers on this site are letting us down on this one. Seems they only have their limited range of products. Some think that declared income up to 75k is common (this won't get you much in Sydney).

 

[Spectre]

CBA will only do a 60% lend because my ABN is not two years old yet...

I am already at 80% lo-doc with CBA with my other loans which includes the LOC, so they are probably worried that they are over exposed to me!


Boods

Boods
Dunno... I'm doing low docs for abns < 2 yrs at cba all the time at 82%.

 

[Qlds007]

I can think of a couple of others but I am with lukentel CBA have no problems in >2 years.

Maybe as an existing customer you might have issues but if you can put up with the CBA service standards should be plain sailing.

 

[Rolf Latham]

Hey Lukey

Its probably coz hes an existing client with exposures.

ta
rolf

 

[Spectre]

and lets not confuse abn registration with gst registration either.

some lenders require a 2 year abn and 2 yr gst
others accept less than 2 years for both.

So I'd save the throwing stones for another day

 

[Qlds007]

Whoops got my < around the wrong way.

 

[Medine]

I have been speaking with a broker/lender in Melbourne says can do lo doc at 80% lvr at 8.77% without need for one or 2 years gst registration. Am not talking about incomes below $75k gst threshold that RAMS (and other lenders) will lend on without need to see gst registration. Am waiting for his email on details. I don't think back dating gst registration is smart. Boods99 I will personal message you when/if I receive more details.

Hi Ajax,
Check this offer carefully. It sounds like it might be Westpac, who have recently changed their rules to exclude these deals.
Cheers, Medine

 

[Ajax]

Am looking for lenders who will do lo doc lend to 80% lvr on declared income greater than 75k with gst registration less than one year but ABN registration more than 2 years. Am currently with CBA through a broker.


Ajax

 

[boods99]

Thanks for all your replies people!
I am seeing my MB tomorrow to get to the bottom of it all...would like to keep it all with CBA but it might not be possible...

 

[boods99]

I have been speaking with a broker/lender in Melbourne says can do lo doc at 80% lvr at 8.77% without need for one or 2 years gst registration. Am not talking about incomes below $75k gst threshold that RAMS (and other lenders) will lend on without need to see gst registration. Am waiting for his email on details. I don't think back dating gst registration is smart. Boods99 I will personal message you when/if I receive more details.

Hi Ajax,
Check this offer carefully. It sounds like it might be Westpac, who have recently changed their rules to exclude these deals.
Cheers, Medine

Thanks for that, Medine. Much appreciated...

 

[Ajax]

Yes...thanks Medine.

Broker/lender got back to me with very basic details. Says his firm won't lend on that basis but they can act as broker on an application with another lender who will do it.

Also spoke with Personal Relations Manager at CBA (saying I wish to t/f loan from Colonial to CBA and top up to 80% lvr on lo doc loc). He called Gemco who said no can do...they require both ABN and GST registration for 2 years. ABN for more than 2 years but gst for a shorter period is not good enough.

By the way CBA Personal Relations Manager reminded me that stamp duty on mortgages on investment properties in NSW will be abolished as of 1 July 2008. At least that is some good news.


Ajax

 

[Rolf Latham]

Hiya Ajax

Colonial is USUALLY 12 mths and 12 mths with internal sign off

Where it gets sticky is when it has to be referred to GE, then 2 and 2 applies

ta
rolf

 

[Peter_Tersteeg]

The CBA should be fine with your ABN. Are the previous loans with the CBA full doc? You can't show evidence of income one day, then expect them to accept a higher lo doc income later.

 

[boods99]

just been to see my MB...
He advised that because I am declaring an income more then 75K, Colonial will only go to 60%.
All other borrowings with Colonial are lo-doc.
I forgot to clarify before that my loans are with colonial not CBA.
Until my ABN is 2 years old and GST rego is 1 year old, it's 60% lend or nothing with colonial.

Boods

 

[Ajax]

Am hearing that Rams may be able to do an 80% lvr lo-doc if an ABN is greater than 2 years but gst is 4 months or more. This is with declared income over $75k.

Doesn't help you boods99 as your ABN is less than 2 years.

I got the same story as you got regarding Colonial.

 

[Spectre]

Taking a leaf from the 'guru's' notebook - an email to the bank never hurts...

noting you may be limited by borrowings if they are hitting over 2.5M - but more for the 'lower amounts'

start at the bottom (I edited out a few peoples names and phone numbers for obvious reasons)
------

Hi ****,

I refer to the below email and advise the following,

Without LMI - Up to 60% lend low doc
With LMI - 60-80% lend low doc

GST registration is required if the applicant is declaring more than $75k per annum

Thank you
*****

“Determined to be different”

Regards
__________________________________________________
Commonwealth Bank
Leanne *****

--------------------------------------------------------------------------------
From: **** (person inside cba)
Sent: Friday, 30 May 2008 11:05 AM
To: Broker Assist
Subject: FW: low doc scenario


Hello

Pls assist below broker witht scenario and reply direct to broker

ta

------------
From: Richard Luke
Sent: Friday, 30 May 2008 9:25 AM
To: ***** (my person at cba)
Subject: low doc scenario

****

question

If declaring income over 75k on a low doc what is the max LVR - with or without LMI Assuming ABN Rego 14 months and GST rego 6 Months.

If it is only 60% then is this due to the gst rego timeframes


Thanks

Richard Luke