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Sorry Terry – have just seen your response. I've got no idea really! I truly think the guy at BW literally stuffed up. This afternoon I found out it came down to a clerical error of him writing we had our business since 2007, not 2006 so we didn't have 3 years on the LMInsurer's application. They weren't willing to reassess and he was scurrying to cover his erro thus possibly making up the 'trust thing'…
very much over it that's for sure!
Hi Richard,
Are you able to work on this for us? what is your timing on these things (as we are very pushed due to the extensions already and BW)?
cheers
Sarah
hi again,
the business is a photography business and we had hoped to go for a low doc for various reasons really – have a couple of BAS's outstanding etc
well, we since found out today (and would love to be corrected) that there is no lender now who will lend above 60% low doc unless 2 years financials are given. According to the broker I spoke with the last was wespac who did above 60% in Jan.
Richard,
even a low doc….? we've never been asked for BAS statements and gave ABN details to show the running of the business for 3 years.have tried to ring the help line twice as this fellow won't even get back to us and they just keep putting us through then he makes an excuse to not talk and says he will ring us back (has told us this 6 times today now)…ewwww!
Banker,
we don't have finances in order/up to date BAS so we are going low doc. income is well and truly sufficient to cater for it though.He's been running business with ABN for 3 years, 3 months
Thanks Terry,
the Trustee is my husband and we have also put the personal home loan in his name. I think it is truly coming down to the person we are dealing with otherwise it would mean that n one could get a low doc loan if their business was set up as a trust. I think he went to his manager (after the LMInsurer said 'no' after incorrectly saying we had our business for less than 2 years) and his manager has jumped straight on the bandwagon of "they can't get approval if in a trust" without actually realising it's not going in to the trust. We have had nothing but issues
