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  • Profile photo of dynodyno
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    @dyno
    Join Date: 2007
    Post Count: 24
    February 16, 2008 - 1:55 am

    Hi,

    A LoDoc option is usually the easiest way to go. Some lenders will do 1 year ABN, or no ABN, but these loans require verification from your accountant (as apposed to the standard 2 years ABN) . This way you won't have to back date your ABN. Be wary with LoDoc's because with all the big 4 LMI is applicable as soon as you borrow over 60% LVR, as apposed to 80% with a Fulldoc. Having said that there are lenders out there that do LoDoc's at 80% with no LMI.

    good luck!

    kind regards,

    Profile photo of dynodyno
    Member
    @dyno
    Join Date: 2007
    Post Count: 24
    February 16, 2008 - 1:31 am

    Hi Caden,

    the long and short of it is; if your happy to use your PPOR as security or releasing equity for deposit plus costs, no you wont be stung with LMI. 

    regards, 

    Profile photo of dynodyno
    Member
    @dyno
    Join Date: 2007
    Post Count: 24
    February 16, 2008 - 1:19 am

    Hi Matt,

    There's always a better option, depending on who you talk to. Homeside has good products but a .8% discount with them will equate to 8.22% pa. Over 1 million dollars in loans i should be able to get you as little as 8.12% pa with a 100% offset account and no on going fees. There are few lenders who will get below 8.2% pa.  

    regards,

    Profile photo of dynodyno
    Member
    @dyno
    Join Date: 2007
    Post Count: 24
    February 16, 2008 - 1:01 am

    on the surface it looks ok. But you have to take other variables into consideration; like do you have any dependants? or other debts? Other than that its worth investigating further.

    cheers,

Viewing 4 posts - 21 through 24 (of 24 total)
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