Non-bank slashes lo doc rate

[Propertunity]

Non-bank slashes lo doc rate
http://www.theadviser.com.au/breaking-news/6224-non-bank-slashes-lo-doc-rate

Australian First Mortgage today cut its Secure Option lo doc product to 8.99 per cent for all new applications up to 80 per cent LVR.

MBs: Any traps?

 

[Peter_Tersteeg]

The tricky part with this is that an accountants letter is required to verify income.

Lot's of people have told me, "I'm tight with my accountant, they'll sign." Only to find out that they're not as tight as they thought.

I'd also suggest that 8.99% is a little on the high side.

 

[Aaron_C]

That is really high...but it all depends on security and LVR. As peter has said, finding a co-operative accountant is not easy as they are all afraid of signing off on such things. But if your accountant really does it - it makes things so much easier

 

[Rockstar]

The tricky part with this is that an accountants letter is required to verify income.

What does an accountants letter entail? I asked my accountant if he were willing to write a letter verifying my income for this year so far. He responded...

If you do a simple summary suggesting the final profit on sale then I can do a letter incorporating that into an estimated income for 2012.

I went owner builder on a duplex and we have almost settled a sale on one of the houses (contract unconditional apart from rego of strata). This sale is being treated as developer income with gst being paid accordingly. Would it be sufficient for a lo doc loan on a new property without BAS statements required?

Will Homeside also do Lo doc with accountant letter + no BAS requirement?

 

[Bigtone]

What does an accountants letter entail? I asked my accountant if he were willing to write a letter verifying my income for this year so far. He responded...



I went owner builder on a duplex and we have almost settled a sale on one of the houses (contract unconditional apart from rego of strata). This sale is being treated as developer income with gst being paid accordingly. Would it be sufficient for a lo doc loan on a new property without BAS statements required?

Will Homeside also do Lo doc with accountant letter + no BAS requirement?

go bankwest or adelaide bank with accountant letter