low doc timeframe?

[BKR]

If a normal loan with all the paperwork is 21 days for finance, how long is a low doc refi with just ABN, no BAS?
Is it less work for the lender so done in a week?
Does a 60% differ to a 80% lend, in time that is?

Just curious as to how fast one can be put thru. thanks.
Chris

 

[Qlds007]

Chris

With the right lender 14 days would be more than adequate and certainly for a lodoc 60 i think you could probably halve that time.

Sometimes the longest process is getting the loan documents issued, approval can be fairly swift.

 

[Rolf Latham]

Hiya Chris

What RT said , and just expanding a little on that

An 80 % lo doc can take longer depending on the lender because

Typically, at 60 % lenders may rely on the contract only without a val if a bunch of other simple conditions are met. At 80 % lo doc, they will want a full internal val

Also, at 80 % LMI is most likely needed, so the loan may have to go through that process as well, which may adda few hours to a couple of days

ta
rolf

 

[BKR]

Thanks for clearing that up Richard and Rolf.
Chris