Lo doc for First home buyer

[morty]

Hi Guys,

My brother has just got back from living in New Zealand and is looking to purchase a property in Aus before the FHOG is reduced. he is looking to spend in the mid to high $300k mark and has a fairly decent deposit but due to some inconsistent work in NZ hasn't got much in the way of financials. I thought that maybe a lo doc loan might be suitable? Any suggestions?

Cheers
Morty

 

[Qlds007]

Hi Morty

Lodoc loans are not as easy to obtain as they were but still have a place in the market for the right client.

More often than not depending on the LVR required he will need 2 years ABN registration and where his declared turnover is greater than 75K per annum will need to be registered for GST.

Certainly a health deposit will aid the cause but many lenders will not offer the product for a First Home Buyer.

Like everything more information would be needed to enable a structured answer to be given.