please explain these terms

[Pele]

Gday

Can someone please tell me what no doc low doc and cross collaterilisation means? Thank you.

Pele.

 

[geoffw]

Low doc loans are one where you can get a loan without having to prove income, assets etc. See post http://www.somersoft.com/forums/showthread.php?postid=31117#post31117 for some further info.

Cross collaterisation is where the lending institution uses one property as security for another- eg, if they take second mortgage over your house to cover deposit for an investment property.