Nodoc Loans are back

[Albertus 6]

Low odc - not dead yet

No Doc 70% LVR - Rate 8.64% pa (Lower rate for lower LVR)
NO BAS Required / NO Trading Account Statements Required
Min 12 month GST registered ABN

Lo Doc 80% Rate 6.34 % pa
80% LVR up to $1million
NO BAS required.NO Trading Account Statements required
Min 2yr GST Registered ABN required
Purchase or Construction (no refinance)

Regards,

Albertus

Ph: 02 9391 5053

Chan & Naylor Finance

www.cnfinance.com.au

 

[Qlds007]

Albertus

Lodoc 80 with NO Bas or Bank statements can certainly be done at a lot lower rate than that.

If you go to Nodoc 60 the rate comes down to 6.84%.

Nodoc 70 couple of lenders but around the mid 8's.

 

[RumpledElf]

Nodoc 60 eh ... we'd be at a bit less than 50% if we build without selling and 0% otherwise (hence, bridging loan sounds good). Definitely have to keep an eye on those ...

 

[Spectre]

Nodoc 60 eh ... we'd be at a bit less than 50% if we build without selling and 0% otherwise (hence, bridging loan sounds good). Definitely have to keep an eye on those ...

Hi RE

I dont know 100% but dont think you can do a bridge on low/nodocs.
If that comes into things for you...?

 

[Property Meister]

No Doc 70% LVR - Rate 8.64% pa (Lower rate for lower LVR)
NO BAS Required / NO Trading Account Statements Required
Min 12 month GST registered ABN

Lo Doc 80% Rate 6.34 % pa
80% LVR up to $1million
NO BAS required.NO Trading Account Statements required
Min 2yr GST Registered ABN required
Purchase or Construction (no refinance)

Regards,

Albertus

Ph: 02 9391 5053

Chan & Naylor Finance

www.cnfinance.com.au

wow that doesn't sound too bad, the other broker in question on this thread was like 9.5% and a rude ***** as well.

so you can do 6.34% at 80% LVR, how come the rate is higher at 70% LVR?

 

[Qlds007]

PM

The 70% lend is a Nodoc deal whilst the 80% is lodoc.

6.34% is actually pretty expensive for a 80% lodoc even without BAS & Bank statements.

 

[RumpledElf]

I dont know 100% but dont think you can do a bridge on low/nodocs.
If that comes into things for you...?

Our other options are things like a long settlement, selling and leasing back for a month or two if the house doesn't get built on time, or moving into my old house for a month or two if it hasn't sold. There's options without involving banks.

 

[Spectre]

Our other options are things like a long settlement, selling and leasing back for a month or two if the house doesn't get built on time, or moving into my old house for a month or two if it hasn't sold. There's options without involving banks.

Agree 100%.

 

[MTR]

Resi Corp

From this Friday Resi Corp will no longer do lo docs at 80%, I have not looked at criteria but I guess will be similar scenario to other major lenders.

 

[Rolf Latham]

poss cos qbE are noe also playing silly buggers with their LMI on LO docsm BAS statements and the like.......

We will insure your car for all damages sir, but should you take it from your garage, the deal is off.

Sooner or later the Ponzi scheme providers like GE and QBE will realise u cant run such a scheme without taking on some risk. Nil risk tolerance means nil premiums....................

ta
rolf

 

[Mamaof3]

i must be the only one but i don't think 9.5% is bad at all! I was kinda expecting 10-12%+ when i first read the post

when we do our numbers for every deal we automatically punch in 12% just in case we can't source funds via traditional means.

if you've got a really good profitable deal then paying 9.5% as opposed to 6.5% shouldn't hurt the bottom line too much...if it means us being able to get funding without too many issues then i'm more than willing to pay that rate

 

[Mamaof3]

Hey Richard et al,

Do you know whether they'll do it for purchases of vacant land?

 

[Qlds007]

Hi Kim

Sorry still in the UK on holiday until Thursday.
Shoot me a reminder email at the end of the week and I will check for you.

 

[MTR]

Am told that Suncorp still doing lo docs at 80% LVR, income declaration only requirement, anyone able to confirm this??

 

[Bradsdad]

Hey Richard et al,

Do you know whether they'll do it for purchases of vacant land?

What is zoning and location of vacant land? this will have a bearing on matters.

 

[josko]

Am told that Suncorp still doing lo docs at 80% LVR, income declaration only requirement, anyone able to confirm this??

Hi MTR-

Still need GST registration but no BAS.

Infaçt, for new purchase you can get 80% +LMI.

Refinances are 75% + LMI but only from major lenders.

Regards JO

 

[Mamaof3]

zoning is residential in metro adelaide (about 3kms from CBD)

 

[Mamaof3]

block about 2500m2 in case that makes a difference in any way?