Low/No doc 25%LVR

[PHF]

Hi,
am wanting to refinance current PPOR at 25% LVR. Am self employed with plenty of income, plenty of cash in bank, just a bit lazy with getting financials/BAS's done. Loan will only be $300K.
Can provide BASs if I really have to, but would prefer no doc if possible.
Will any of the big 4 touch this, or do I need to go down the route of looking for one of the lesser known lenders?

Cheers for your help

FHP

 

[Marty McDonald]

No major without bas but viable options available with second & third tiers.

 

[Peter_Tersteeg]

Lo docs can be completed without BAS, but your accountant will need to sign a statement to verify your income. This can be supprisingly difficult becuase Accountants don't want to put themselves at risk.

You will get a marginly better deal if you've completed your BAS, but only by a little.

 

[Rolf Latham]

keep the lvr to 60 or less and should be doable.

The idea of no doc is an issue though, at least your broker would want to be sure you can service the debt

Quite a few top 10 option lenders there if you have some flex in what data u can provide

ta
rolf

 

[Aaron_C]

Without BAS it can be done but as PT said you need an accountant's letter verifying income.

 

[BayView]

This can be supprisingly difficult becuase Accountants don't want to put themselves at risk.

Substitute "don't want to" with WON'T.

 

[MC1]

Homeside will do it mate

 

[Mick C]

Homeside or any of the majors for that matter won't do this as "no doc" + under their low doc they require a bit more then just BAS/accountants letter.

No doc is only available with smaller/ private lenders + it's for non-coded loans only so can only be in a Business name for business purpose.

Low doc would be your better option and it would be best to stick with the tier 2 lenders for your purpose, a choice of supporting docs from Accountants letter only to BAS only...

Regards
Michael

 

[Aaron_C]

I think Homeside/NAB is the only major that doesn't require BAS unless LMI is involved.

 

[Mick C]

I think Homeside/NAB is the only major that doesn't require BAS unless LMI is involved.

NO BAS for 60<....but they still require a quite a few docs compared to the tier 2.

Also they sent an email out last thursday to say there are going to be changes to low doc credit checklist...not sure what the changes are yet.,

Regards
Michael

 

[Qlds007]

Did an 80% Lodoc with NAB on Friday and no BAS required.

Admit i do have a very good Credit Manager and product range is limited.

Loan must be P & I or LOC.

 

[MC1]

Homeside or any of the majors for that matter won't do this as "no doc" + under their low doc they require a bit more then just BAS/accountants letter.

No doc is only available with smaller/ private lenders + it's for non-coded loans only so can only be in a Business name for business purpose.

Low doc would be your better option and it would be best to stick with the tier 2 lenders for your purpose, a choice of supporting docs from Accountants letter only to BAS only...

Regards
Michael

Dont need BAS with Homeside

 

[Mick C]

I know...what im trying to get out is. Homeside will require more then just a few docs/no doc ie it's not as simple and flexible as the another tier 2 lenders.

Regards
Michael

 

[PHF]

Thanks for all your help guys. This is a great forum.

FHP

 

[MC1]

I know...what im trying to get out is. Homeside will require more then just a few docs/no doc ie it's not as simple and flexible as the another tier 2 lenders.

Regards
Michael

The lo docs ive placed with them have been pretty simple to be honest.
I think the full docs with Homeside are more of a pain