LoDoc loan recommendations? (just got my ABN)
- Thread starter mixedup
- Start date
There are a number of brokers on this forum who can help you with this. Rolf, Richard Taylor, Kristine and Lukentl are experienced in these types of loans. I've been told that CBA, NAB, ANZ, St George and RAMS all offer good lo doc deals. ABN shouldn't be a problem with some of these lenders but you need to get up to date information as the conditions seem to be changing very quickly.
Suncorp has advised all brokers on 15 April that they now require the ABN & GST to be registered for at least 1 year.
There are only very few lenders available that will do a 70% No Doc loan on a 1-day ABN.
There are only very few lenders available that will do a 70% No Doc loan on a 1-day ABN.
That's a shame I didn't get the notice, what date does it actually change?
I put one in on the 18th and Suncorp ordered the valuation with no problems so far, hopefully it'll go through...
Is there any bank/fin. institution out there (apart from RAMS or other lenders that don't require gst where income sub 75k) that will do a lo-doc without requiring evidence of gst registration? Have abn, don't have gst, looking for 80% lvr lo doc loan.
There was Suncorp and ING until very recently. Brokers being very quiet on this...we seem to learn of new gst requirements after the lending criteria changes.
Ajax
There was Suncorp and ING until very recently. Brokers being very quiet on this...we seem to learn of new gst requirements after the lending criteria changes.
Ajax
I think what borrowers are going to have to get used to is that credit policy is tightening up and banks arent going to take the risk on b.s. abn's and b.s. borrowers (not having a go at you ajax). Its just bad lending practice, and its very very likely that if you dont have a 2 yr abn plus 2 yr gst in the coming months then tough bickies.
Nor should they. The rate of defaults on low docs is what... 4x greater than a fully documented loan and I know most of the low docs I do are mortgage insured.
So the banks are ok to lend the money but when the mortgage insurer is paying out claims due to a certain loan type a bit too much then they're going to clamp down and tell the lenders they wont insure the loan without these things.
If I had a client who was 4x greater chance of not paying me I wouldnt have a problem dropping them either.
This all being said, in my chat with a mortgage manager week before last, you can get a 75% low doc w/less gst and abn requirements - think it was still 1 day, but dunno if that changed on Friday afternoon either as that was an ING funded product.
Nor should they. The rate of defaults on low docs is what... 4x greater than a fully documented loan and I know most of the low docs I do are mortgage insured.
So the banks are ok to lend the money but when the mortgage insurer is paying out claims due to a certain loan type a bit too much then they're going to clamp down and tell the lenders they wont insure the loan without these things.
If I had a client who was 4x greater chance of not paying me I wouldnt have a problem dropping them either.
This all being said, in my chat with a mortgage manager week before last, you can get a 75% low doc w/less gst and abn requirements - think it was still 1 day, but dunno if that changed on Friday afternoon either as that was an ING funded product.
so what are the remaining options?
So what are the remaining options then guys? (i.e. assuming you already have your full-doc buffer/deposit loan against your PPOR and you don't want to have to use more than 20%-30% from this as deposit towards the IP loan you are chasing)?
If there's no options left does this mean the concept that you can borrow up to 80% LVR is now flawed because logistically you can't get the loans to do this?
So what are the remaining options then guys? (i.e. assuming you already have your full-doc buffer/deposit loan against your PPOR and you don't want to have to use more than 20%-30% from this as deposit towards the IP loan you are chasing)?
If there's no options left does this mean the concept that you can borrow up to 80% LVR is now flawed because logistically you can't get the loans to do this?
hi mixedup
the answer to your question is very simple and I am not sure why it has not already been answered.
go to a commercial lender
and no I am not going to list them here but I have a few that will go to 80% on a 1 day old company no problem at all.
yes you will pay a higher rate but then it depend if your numbers work at these rates.
the answer to your question is very simple and I am not sure why it has not already been answered.
go to a commercial lender
and no I am not going to list them here but I have a few that will go to 80% on a 1 day old company no problem at all.
yes you will pay a higher rate but then it depend if your numbers work at these rates.
I don't think that you can get the information just from these posts. As I have had said to you before, there are brokers on this forum who will be able to help you with this deal. I know of people who have had knockback after knockback until they came across brokers who can do the deal for them.
Mixedup, I think that you are wanting too quick an answer, you won't get it from this forum. You need to sit down (or ring) with someone like Rolf, Richard T, Richard L or Kristine.., Mark etc who will go through in detail your requirements.
Steve
There is no problems with Brokers and the CBA especially if you dont mind the extra slow service they through in.
In fact a lot of Broker groups use the CBA because of the override commissions they pay Brokers (I for one think customer service is slightly more important).
Only issue is that the CBA require 1 years ABN registration and GST on all lodocs.
There is no problems with Brokers and the CBA especially if you dont mind the extra slow service they through in.
In fact a lot of Broker groups use the CBA because of the override commissions they pay Brokers (I for one think customer service is slightly more important).
Only issue is that the CBA require 1 years ABN registration and GST on all lodocs.
Hey Richard
The MAV bonus is treated like Panadol money in our office.............it partly compensates for the fact that it takes around 15 to 25 % more work to settle a Colonial CBA loan than the other mainstreams.
ta
rolf
The MAV bonus is treated like Panadol money in our office.............it partly compensates for the fact that it takes around 15 to 25 % more work to settle a Colonial CBA loan than the other mainstreams.
ta
rolf
The ING Direct home loan application form does not ask for an ABN. Perhaps this is an angle you could pursue?
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