Low Doc Loans

Hello
I have only recently registered to this site, however, have been reading people's advise for a while.

My question is:
Does anyone know of a lender that offers low doc loans without needing any financials such as BAS statements.
This is for a re-finance of 80% LVR or higher with a cash out facility such as a LOC.
Further, does this lender have competitive interest rates.

Thank you in advance if you are able to answer my question.

Turi
 
Hi,

Welcome to the forum. Hope you enjoy it.

A lost of lenders now require BAS statements, there are however a few (I think) that don't require them, don't think you will get above 80% LVR for low doc in the current market.

As far as rates are concerned really depends on what you can get as a low doc without BAS etc will limit you, and also depends on what features you are after.
 
Does anyone know of a lender that offers low doc loans without needing any financials such as BAS statements.

I just got 80% with RAMS... I'm pretty sure it's less than 7% p.a, but I don't usually pay much attention to the rate so I couldn't tell you exactly.
 
Rams now want BAS Statements, change came in last year, on that day they had over 700 loan applications, as everyone was trying to best the change.
 
All Low Doc Applications: must be supported by Business Activity Statements (BAS) for the past 12 months and ATO Lodgement Reference Number And last 3 months accounting statements evidencing payment of tax as advised on the BAS

The above is from the RAMS policy.
 
As far as I am aware there is only 1 lender left who is doing lodoc refi with "cash out" without the need for BAS or Trading Statements.

Purchases are slightly different and upto 85% is still available if you are happy to pay for it.
 
Rams now want BAS Statements, change came in last year, on that day they had over 700 loan applications, as everyone was trying to best the change.

I had no idea about the change. But maybe that's why it took them 3 long months to finalise and settle (End of Aug to end of Nov).
 
Quite a few lenders do lo doc purchases, and one 'mainstream' lender does lo doc refinance without the excessive paperwork which Richard has mentioned.

There are a few other lenders out there who also do it, but you'd never have heard of them and you'll pay for it.
 
Thank you for your replies. I think I have to face facts that I may have to put my port filio on hold for a while and with any luck the lenders ease up a little.
 
Does anyone know of a lender that offers low doc loans without needing any financials such as BAS statements.
...
Further, does this lender have competitive interest rates.

According to the Bankwest website and the staff answering the phone, you don't require BAS statements for their lo doc loans.

Anyone care to comment on this one or have any experience getting finance through them?

Are there any other lenders that don't require BAS statements?
 
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Don't know if NAB do a refinance, but they offer a 'Flexiplus' Low Doc Line of Credit to 80% with LMI and the current rate is 6.64%. Income is confirmed through an income declaration. That's from their online information. Again, anyone care to comment?
 
According to the Bankwest website and the staff answering the phone, you don't require BAS statements for their lo doc loans.

Anyone care to comment on this one or have any experience getting finance through them?

Are there any other lenders that don't require BAS statements?

Hey Wishlist,
I have just got an 82% LVR lo-doc (no BAS's reqd) with Bankwest with no problems. Will be renovating and pulling out my equity straight afterwards. As long as you can prove you have added value, they dont have a problem.

Boods
 
afaik nab still want the trading account statements [to confirm income/expenditure] as declared as well as all other statements...

More of a lite doc
 
Hey Wishlist,
I have just got an 82% LVR lo-doc (no BAS's reqd) with Bankwest with no problems. Will be renovating and pulling out my equity straight afterwards. As long as you can prove you have added value, they dont have a problem.

Boods


That's great news.

Cheers, MTR
 
Hate to say thats not correct but pulling equity out of Bank West on a Lodoc loan may not be that easy as QBE dont like "cash out" refi's.
 
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