greetings mortgage doods,
can any of you tell me which is the best lo doc loan on market today with high lvr(80%) and best interest only fixed rates say 3-5 yrs please as ive exhausted the conventional products and must now seek alternatives. thanks.My best variable LODOC is 6.85%. There are fixed rates available if you need them but I will have to chase them in the morning.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
thanks simon, if you dont mind as ive been quoted some which appears to be quite high. my email is [email protected]. thanks again.
hi Freedom
Not many people get fixed rates on low docs. There are a couple of good lenders out there such as:
Integris Low doc
Var, 7.30%
3 yr fixed 7.57%
5 yr fixed 7.73%Macquarie Bank Low Doc
Var 7.30% (this rate gradually drops by 0.8% over 3 years)
3 yr fixed 8.05%
5 yr fixed 8.15%If you were to fix with Macquarie, you would not get the discount in rates until you came off the fixed period. So it may be better to go for the variable, as this works out to be 6.50% at current rates after 3 years.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi,
Bank of Qld has some very good interest rates around 6.82% variable and around 6.89% fixed for three years.
As a broker and ink & paper conservationist I LUV low docs, but they require a lot more homework than your average loan. Beware that there are big variations in level of flexibility, acceptable security (many won’t do PPOR’s), acceptable income sources (many won’t do PAYG), and LVR per postcode variations between 50-80% in this category so rate may not be the determining factor.
Happy investing!
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Mel
[email protected]Freedomfinder
Are you sure you’ve exhausted all ‘conventional’ avenues in going Full-Doc before you go down the Lo Doc path?
Drop me a line on [email protected]
and I’ll see if I can come up with something creative for you. Sometimes it just takes a little lateral thinking, and how you package the application has a lot to do with it.Brendon
Acute Mortgage Reductions“lateral thinking” and “packaging” huh? Is that what you call it these days? hehe…
kay henry
Hi Kay Henry
There are many different variables and ways to go about getting finance for a property as I’m sure someone of your experience knows.
The Loans Officers and Credit Officers at the banking insitutions generally are not experienced enough to think outside the square (and they are not paid to) so the applicants get put through some computer software system and out spits a ‘YES’ or ‘NO’ answer.
Any other brokers out there who would disagree that how you put together the application is vital to the approval/rejection of the loan application.
I believe brokers have a responsibility to the clients to do more than just get a loan for them. Strategising and coming up with better long-term Finance options to help clients achieve their goals should be part of the service.
Brendon
Acute Mortgage Reductions
‘Better Finance for More Homes Sooner’
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