All Topics / Help Needed! / Low Doc/Self Certification Loans

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  • Profile photo of cameron615cameron615
    Participant
    @cameron615
    Join Date: 2006
    Post Count: 4
    April 25, 2006 - 3:06 am

    Hi

    I have just recently arrived in Oz (Sydney)having given up life in Scotland.

    Was a director of a Construction Consultancy(PM/QS) and am looking to set up own business here.

    Did some development work for myself in UK now looking to concentrate on this full time here while wife works.

    I have funds to invest but am looking for line of credit/loan to supplement this.

    Has anybody experience of low doc/self cert loans and criteria for application before I head off to a mortgage broker.

    Thanks

    Colin

    Profile photo of ducksterduckster
    Participant
    @duckster
    Join Date: 2004
    Post Count: 1,674
    April 25, 2006 - 3:34 am

    Look at Australian Property investor magazine April issue
    Article on low doc loans
    and an actual comparison of all loans
    see http://www.apimagazine.com.au/
    Haven’t had the experience of low doc loan but I am in a similair situation of no income / no wage job

    Profile photo of cameron615cameron615
    Participant
    @cameron615
    Join Date: 2006
    Post Count: 4
    April 26, 2006 - 1:10 am

    Thanks

    Ive read it and been to cannex website

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    April 26, 2006 - 3:09 am

    The main problem you will have is not being self employed for more than 2 years.

    You may have to go for a No Doc loan at around 70% LVR with an interest rate of around 7%.

    Terryw
    Discover Home Loans
    Parramatta
    [email protected]
    Sign up to my mailing list.
    Just send me a blank email, with “subscribe” in subject line.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    April 26, 2006 - 3:32 am

    Hi Cameron

    Firstly welcome to Oz. I made the move from Pommy land in 1993 and have never looked backed.

    Terry is right for a standard NODOC deal you will require a 30% deposit however in saying this if you are looking to venture into property development a few specialist lenders offer lodoc development funding.

    Each deal on its own merits but happy to provide additional information if needed.

    Richard Taylor
    Residential & Commercial Finance Broker
    **Lodoc Commercial loans from 7.19%**
    Licensed Financial Planner
    http://www.yourstatefinance.com
    [email protected]
    Ph: 07-3720 1888

    Richard Taylor | Australia's leading private lender

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