Hi everyone, i have done a bit of research on the topic but can't really come up with what i am after.
My parents recently (last 3 months) moved to Australia (UK citizens) but they have permanent residence visas. My father is self employed, my mother doesn't work and they have approximately 400k in cash which is the proceeds of the sale of their residence in the UK.
They are looking to purchase a property in the 500-600k range and are willing to use as much of the 400k as necessary, however they would like to use as little as possible for a deposit.
Given that they are recent arrivals, will they even be eligible for a loan? They would prefer to deal with one of the major lenders (i don't know why).
Who would everyone suggest they try through? What sort of LVR could they expect? I've heard both Westpac and St George do no doc loans but i can't find any evidence of this.
Thanks in advance.
Hiya Whip
Welcome to the forum.
Regretfully neither SGB, Westpac or any of the major Banks offer Nodoc style loans as this is the domain of the securitised and specialist lenders.
If you father is self employed and has had an ABN for 1 day we should easily be able to obtain a LVR of 70% for him.
With a bit more information i can give you more details of whats on offer.
Richard Taylor | Australia's leading private lender
Hi,
With such a low LVR (anything <60%), your parents should have no problems. There are a couple of banks who will offer lo-doc 60 loan product. An income declaration is required without varifying much more. Try ANZ in particular. Good Luck
Regards
Yew Kong Lye
Owner Manager-Mortgage Choice
Brite Investment Holdings Pty Ltd
78 Pier Street
ALTONA VIC 3018
Tel: 03 9398 1390
Fax: 03 9398 1672
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http://www.mortgagechoice.com.au/yew.kong.lye
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Hi Yew
Anz / Bank West and a few others offer a Lodoc 60 but the borrower is still required to declare an income.
Not sure this would be suitable given the request for a Nodoc style loan with no income declaration whatsoever.
Nodoc 80% is available or Nodoc 85% on a blended rate.
Richard Taylor | Australia's leading private lender
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