No Doc 80%

G'Day Rockfeather

Welcome to the Forum

Could you elaborate a bit please - what do you mean by 'best' and what do you mean by 'no doc'?


I have just recently posted a fair amount of detail of a particular No Doc product in WASP's thread http://www.somersoft.com/forums/showthread.php?t=38281 - so if you could outline what you are looking for, eg

Are you wanting No Doc ie Assets & Libilities and Self Certified Income , or

No Doc - No Stated Income, no Assets & Liabilities, or

Registered ABN, and

Registered for GST, or

No ABN, no GST, and

What about Lender's Risk Fee - yes or no, and

Are you wanting a maximumof 80%LVR, would you consider 90%LVR Low Doc at Pro Pack rates, and

Is this for a purchase, or a refinance from another lender, and

If for a purchase, what type of funds do you have to complete the deal - cash savings or drawings from another loan ie equity drawdown?

What do you consider 'best' - is that lowest interest rate, or lowest fees, or lowest documentation, or flexibility in post codes, or construction, etc etc

There is a plethora of loan products out there. What is 'best' for you may not be appropriate for someone else, so if you can list your criteria that would be helpful

Regards

Kristine
 
Thank you

Thanks for the welcome!!!

I am returning from about a 3 year break....good to see a healthy body of discussion continues.

I looked at the thread the ING product looks great.

I am wanting a No Stated Income, no Assets & Liabilities,
Registered ABN, but not GST

What about Lender's Risk Fee - either

Are you wanting a maximumof 80%LVR, would you consider 90%LVR Low Doc at Pro Pack rates, and......90% would be great at pro rates but again NO doc rather than low doc.

Is this for a purchase, or a refinance from another lender,......both

If for a purchase, what type of funds do you have to complete the deal - cash savings or drawings from another loan ie equity drawdown.....equity drawdown

What do you consider 'best' - is that lowest interest rate, or lowest fees, or lowest documentation, or flexibility in post codes, or construction, etc etc
......not sure if there is much choice in a no doc.....I know Macquarie does a 70%, Plan Lending 70%....and now ING 80%....is there any others??


There is a plethora of loan products out there. What is 'best' for you may not be appropriate for someone else, so if you can list your criteria that would be helpful......I understand every situation is unique :)

Regards

Kristine[/QUOTE]

Thanks again Kristine!!!
 
Hi Rockfeather,

ING looks to be a lowdoc?

Normally rams is the best 80 Nodoc product.
Though the rate has gone upto about 9% i believe, its still the cheapest with no MI/risk fee.
But its apparently getting a lot better next week (with the westpac funding) with a half % reduction in interest rate, increased max lend to 1Million and including vacant land.
If true it will be a great product.

Can any rams brokers confirm any of these things?

Thanks
Grant
 
Hi Grant

You aint seen nothing yet!

We are still getting confirmation of new loan products, but we will have the SE Pro Pac (Low Doc) at 90%LVR!!!

Provided it isn't seen as advertising, I am happy to post more details from Monday. Otherwise, www.rams.com.au will have details of the new products uploaded as soon as possible. As you may imagine, introducing the new range is a huge amount of work and we are getting continual updates, but I and the other franchisees are looking forward to a spanking new year with the 'New RAMS'.

Cheers

Kristine
 
Hi Rockfeather,

ING looks to be a lowdoc?

Normally rams is the best 80 Nodoc product.

Grant


I spoke with ING and RAMS today.....ING is a lowdoc not at NO doc and RAMS at 80% is a low doc product!

Does anyone know a 80% NO doc lender????
 
Hi Rockfeather

I have written to my ING BDM asking for clarification of the wording in their broker notes. According to their notes I would interpret the Smart Home Loan as a No Doc - but I shall wait until his reply before discussing further.

Regarding RAMS - yes, the Low Doc product range is to a maximum of 80%LVR, but I mentioned the Self Employed Pro Pack (Low Doc) which can go to 90%LVR.

.....

While I was typing out a long answer with lots of information there have been a few more posts in the thread, so I have deleted the bulk of my answer.

Glad that Richard has found you a product - I checked the whole panel of lenders and couldn't come up with any true 'no stated income' products no matter the LVR

No stated income used to be uncommon but not rare. They now appear to be on the verge of extinction!

Good luck and I hope that Seiza has the product for you


Regards

Kristine
 
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Thanks for the clarification Kristine.....
Please let me know what your ING BDM says....I would be interested....Is it a general industry standard "no doc" meaning no income amount declared and no supporting docs and "lo doc" meaning income amount declared and no supporting docs or is that just something I assumed??
There must be some regulation on advertising products....but I guess they are getting more and more creative with their names so as to gain interest and attention.
 
Hi Kristine,

I just checked the Rams website regarding your RAMS Self-Employed (SE) Pro Pack, it didnt mention max lvr to 90%,

If 90% LVR is available..what rate? any restrictions ie.. construction

Thanks
 
G'Day

Sorry, Rockfeather - I don't want to hijack your thread, but in answer to DKinvestments:

RAMS interest rates are at http://www.rams.com.au/files/pdf/RAMS Rates at a Glance_Customer_4 Jan 08.pdf

Keep in mind that RAMS (WBC) came into existence on Friday,4th January. The updating of the website is a mammoth task. Just issuing all of us with new security codes is a huge job, so checking all the detail on every web page will take some time as yet

However, yes, we are all gobsmacked at the SE Pro Pack going to 90%LVR!

It used to be up to 82%LVR so this is something of a quantum leap!!

Construction loans are available with both product types, low doc and full doc.

There was a somewhat spirited thread some time ago regarding RHG (old RAMS) and construction loans - these were not available through brokers, only through the franchise channel. At the moment RAMS loans are only available through the franchise channel, we haven't had any official announcement yet regarding the role of brokers with RAMS.

Still, it's early days.


I agree, lukentel, that this will be a whole new kettle of fish. Still, that is what RHG did best - tilt at the windmills, challenge the accepted notions. When I first started with Aussie back in 2003 I saw RAMS as a non-conforming lender but wow! has it changed over the years.

So today, at the dawn of a new era, it is no wonder that there would be a product or two designed to blow a few socks off!

Australia is becoming a nation of self-employed people, contracted staff and an ongoing casual workforce. To expand the low doc range (with or without an ABN - none required) is what meeting the needs of the marketplace is all about.

Cheers

Kristine
RAMS Bayside
 
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I have a couple of RAMS No Doc 80 loans.

Currently 8.84%.

Only had to provide a ABN (not gst registered) and no income, no assets & no liabilities details.

No problems what so ever.
 
Bearing in mind as well a 90-95% low doc isnt new to the market.

So, without knowing the whole deal I figure will depend on where the rate/fees/lmi is priced in comparison to the others who are offering it.

I can remember a while back there was a thread called 'rams sheared'... so maybe rams wool is starting to grow back a bit

But at the same time only time will tell
 
Hello lukentel

Sorry, I don't want to appear pedantic or on any sort of crusade, but in the interests of truth and factual accuracy, I would remind you that the 'RAMS sheared' thread started by Alexlee related to the share price of the company now known as RHG Home Loans Pty Ltd

All loans now originated through the brand name 'RAMS' are now owned and funded by Westpac.

Therefore please remember that the two companies are separate and the business of one is not the business of the other.

No matter which wool is growing where, these are two completely different sheep.

Regards
Kristine
 
I now stand "factually corrected"
&....
I've never see you as pedantic. Incredibly thorough but not pedantic

(i'm stirring you up now)

:)
 
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