refinance

[stirling]

I am currently at the limit for servicing my debt. Therefore looking at lo doc type loan.

If I try to refinance, (increasing borrowings) at 80% valuation, can I impress the bank in that all the 4 loans with them work out to 70% loan/val ratio after refinance. Total loans/val is 65%.

Bank does not seem too interested in a valuation of my property to be refinanced, but then I have not told them about my DSR.

This sounds like a question for Rolf. (or someone equally knowledgable) Is that possible?

Stirling

 

[Rolf Latham]

Hiya Stirling

if you are beyond the normal limits for DSR for your lender (or lenders because some of you collect them like collectors spoons :O) Lo/ no docs are generally ok through to 75 and up to 80 % LVR depending on the product.

The lower the LVR generally the better a rate and product for eg STG 65 % LVR at 6.57 %.

Also, you may think youre at the limit, but unless they have specified that I would not make that assumption.

Ta

rolf

 

[Yourmortgage2t]

There are various low doc products around, which you get can up to 80% LVR. There are lenders who will even give LOC.

It depends on what you need as to which is the best product for your needs.

I would suggest that you place them with different lenders to spread your exposure.

regards