Lo Doc?
- Thread starter Big Tone
- Start date
It was actually for my brother who is a self employed electrician!
What other additional info?
Big Tone
Big Tone
Sorts of things that would help give him some figures would include.
Is it a purchase / refinance.
If refinance who is the current loan with and amount.
Is there any "cash out" element
How long has he been self employed.
Is he GST registered and if so for how long.
What is the approx Loan to valuation.
Is the property a standard security and zoned residential.
Sorts of things that would help give him some figures would include.
Is it a purchase / refinance.
If refinance who is the current loan with and amount.
Is there any "cash out" element
How long has he been self employed.
Is he GST registered and if so for how long.
What is the approx Loan to valuation.
Is the property a standard security and zoned residential.
He has always been a renter, he likes to move around and has never liked committment of any sort , but now at 40+ years of age I have finally made him realise that he needs to do something if he does not want to live in his retirement on the measly pension.
The loan is for a purchase of about 150-200k but that loan includes a 20k car, and he should have a deposit of about 20k incl. FHOG and it will be IP not PPOR. Has been self employed about 5 yrs and GST registerd and will only able to afford a 2 bed unit in Sydneys west!
BT
The loan is for a purchase of about 150-200k but that loan includes a 20k car, and he should have a deposit of about 20k incl. FHOG and it will be IP not PPOR. Has been self employed about 5 yrs and GST registerd and will only able to afford a 2 bed unit in Sydneys west!
BT
ANZ recently removed all their pricing discounts from their Lo-Doc 80 product but not the product itself.
I see larger issues though than whether ANZ offer such a product or not.
* If purchasing for evn the lower figure of $150k he would need 20% deposit being $30k PLUS all associated costs.
You mention he has only $20k available including FHOG yet it's for an IP. The loan would need to be assessed as a PPOR even if the property was tenanted and he was looking to move in there say in 10-11 months time. The bank would be aware than any rental income would cease for a minimum of 6 months as he would need to reside there to qualify for FHOG.
I suggest he sits down with a broker and has a chat to see exactly where he currently stands and what sort of numbers he needs to aim for.
Regards
Steve
hi
you can still get 85% lo doc loan and there are still alot doing 80% lvrs. not sure about the anz 60% as not looked at there.
I on't do resi lending but I know the current rates as just doing a couple.
there were a few on 90% but they are gone and now the best I have found is 85%
then there is two that will do 82.5%,2.5% being the lmi
and then a host doing 80%
there is a few limits of the different groups and if need be I can send you a list of brokers as they are a dim a dozen that can do this type of deal
and thats on top of the ones on this board.
you can even get comm loans cheaper then resi at the moment and you can get those to 85% if you push them.
I think you need to talk to a broker.
but remember don't just talk to one talk to a few and then go with the one that you think is good for that deal.
and move your deals around a few brokers and then you will get the best deal.
hope you well
you can still get 85% lo doc loan and there are still alot doing 80% lvrs. not sure about the anz 60% as not looked at there.
I on't do resi lending but I know the current rates as just doing a couple.
there were a few on 90% but they are gone and now the best I have found is 85%
then there is two that will do 82.5%,2.5% being the lmi
and then a host doing 80%
there is a few limits of the different groups and if need be I can send you a list of brokers as they are a dim a dozen that can do this type of deal
and thats on top of the ones on this board.
you can even get comm loans cheaper then resi at the moment and you can get those to 85% if you push them.
I think you need to talk to a broker.
but remember don't just talk to one talk to a few and then go with the one that you think is good for that deal.
and move your deals around a few brokers and then you will get the best deal.
hope you well
Hiya Big Tone
I think GR has the solution
Get a commercial 85 % lodoc with Resi security through him at less than 8.8 %.
ta
rolf
I think GR has the solution
Get a commercial 85 % lodoc with Resi security through him at less than 8.8 %.
ta
rolf
hi rolf
not thru me as I don't do broking I do structuring very different.
but I have not seen 8.8% for no doc for some time and definately not above 82.5% rams 90% thats gone now was the lowest and that was 9.4% I think.
comm rates and resi rates are running very close together at the moment
but 85% at resi rates is over 9% and that resi lending so not sure you will get 8.8%.
but your idea is right if you want lo doc in this market comm for me is the way to go as most lenders still have there comm lo doc very much open.
just need to have a look.
I am yet to find a broker that does all lenders.
even mr simmons says we do most lenders.
last time 1 of my broker punch in 80% lo doc there were I thinks 49 lenders on his network all at sliding scales of rates.
and thats not them all even then his is just one system or network.
another gave up at 9 pages as I said not over 10% rate.
haven't asked at 8.8%
8.75% is lo doc but 80% lvr and only two that will inc lmi in the loan so in effect 82.5% lvr.
hope this helps.
92% in this market employed for 10 years and full doc is hard and would you do it now thats a different question
not thru me as I don't do broking I do structuring very different.
but I have not seen 8.8% for no doc for some time and definately not above 82.5% rams 90% thats gone now was the lowest and that was 9.4% I think.
comm rates and resi rates are running very close together at the moment
but 85% at resi rates is over 9% and that resi lending so not sure you will get 8.8%.
but your idea is right if you want lo doc in this market comm for me is the way to go as most lenders still have there comm lo doc very much open.
just need to have a look.
I am yet to find a broker that does all lenders.
even mr simmons says we do most lenders.
last time 1 of my broker punch in 80% lo doc there were I thinks 49 lenders on his network all at sliding scales of rates.
and thats not them all even then his is just one system or network.
another gave up at 9 pages as I said not over 10% rate.
haven't asked at 8.8%
8.75% is lo doc but 80% lvr and only two that will inc lmi in the loan so in effect 82.5% lvr.
hope this helps.
92% in this market employed for 10 years and full doc is hard and would you do it now thats a different question
as of next tuesday i , personally, am full doc so will be hunting for a better deal.
