No Doc Finance

[evensteven]

From: Even Steven


I would like to look into no doc finance. Seems the best way for self employed people. Does anybody have some experience with this sort of thing?

 

[Rolf Latham]

Reply: 1
From: Rolf Latham


Hi Even

15 to 35 % deposit

rates from 7 % to 12 % variable

Fees ranging from 600 to 3000

Ta

Rolf

 

[evensteven]

Reply: 1.1
From: Even Steven


Hi Rolf
So what you are saying is bigger deposit, higher rate and more fees. I guess this is to cover the risk.
Steve

 

[Jacque]

Reply: 1.1.1
From: J Parker


Steve, we went down this path of exploring all our loan options as we went from a paid wage of 17 yrs to a self employed state. Lo doc or no doc loans are dearer, though it depends how anxious you are to borrow. If you can hold out until you have been employed for at least a year (two is better) and can show tax returns etc you won't have to worry about such loans.
In the end, we decided to stay with our current lenders (won't lend us as much as we want but were willing to go on our lending history with them, thus avoiding the need for lo doc loans altogether) until we can qualify for normal loans with other lenders (who, hopefully, will lend us more!!).

If you can't wait, shop around and get the best deal you can. There are many variations in fees, not just interest rates. Use a good broker like Rolf and you'll learn a lot!
Cheers, Jacque

 

[Rolf Latham]

Reply: 1.1.1.1
From: Rolf Latham


Thanks for the kind words Jax.

I cant resist )

State of Self Employment. Exactly where is that ? Near NSW ?

ta

Rolf

 

[Jacque]

Reply: 1.1.1.1.1
From: J Parker


Oh you can't restrain yourself, can you Rolf?
I can't help it if I type so fast and am in such a hurry all the time I neglect to proof read my own stuff..........!
Cheers, Jacque