Hi there.
I was wondering if you finance people could help me or other people who have had similar scenarios.
I signed a contract on an apartment in Prahran Melbourne in 2003 and gave a 10% deposit. Settlement is due next month.
Are there any lenders out there that will lend the whole remaining 90% of the value of the apartment (the apartment is in a group of 12 and the complex is 2 storeys. I will be paying all the other associated settlement costs myself.
Would the lenders also do 90% LVR on a low doc loan for this scenario ?
Thanking you in advance.
Leo90% LODOC will be expensive.
Why do you feel you might need a LODOC loan?
Cheers,
Simon Macks
Finance 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.
Hi Simon, I have just started a new business in the last year and have only got previous business finacials up to 30/6/03. I have had other business’ in the past and have held an ABN for approx 4 years though.
Hope this helps.
What are the interest rates likely to be ?
ThanksHi Leo,
Rates on 90% LVR low doc will be at the high end, mid 7 to 9% depending on lender and the type & size of the security, You may need to factor in the LMI premium on top of your closing costs, Cheers.Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
You should be able to get a loan on the current value, even if higher than contract price. Hopefully it hasn’t dropped in value.
Terryw
Discover Home Loans
Mortgage Broker
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
Originally posted by Mobile Mortgage:Hi Leo,
Rates on 90% LVR low doc will be at the high end, mid 7 to 9% depending on lender and the type & size of the security, You may need to factor in the LMI premium on top of your closing costs, Cheers.Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
LODOC and LMI @ 90%? surely not?
cheers
brahms
Purveyor of Fine Finances
aka Mortgage Broker BrisbaneBrahms
Yes, you can now get 95% low doc loans with First Mac. They have their own mortgage insurers (who are very strict!!). Rates will be high and LMI will be about 3%!!!
Terryw
Discover Home Loans
Mortgage Broker
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 Brahms,
Allco provide LMI for 95% low doc through Mobius lenders, AFIG etc, the applicants pay the premium. Cheers.Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
thanks guys, i’ve had a quick dig around the intray and found some info on these – one certainly would need to brace themselves for the fees – but i’m sure there’s a market for them. probably not everyday useage i’d imagine.
cheers
brahms
Purveyor of Fine Finances
aka Mortgage Broker BrisbaneI work for a mortgage manager and our 90% lodoc loan indicative rate is 10.30%
There is no mortgage insurance but there is a 1% settlement fee due on settlement of property.
Prahran is also an acceptable postcode.
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