Help me Mortgage Brokers

Viewing 15 posts - 1 through 15 (of 15 total)

Harold
Member
@harold
Join Date: 2003
Post Count: 80
September 3, 2003 - 1:17 am
I have an interesting situation that shall test you all
I need a lo doc (a nice one where I don’t need proof of income, and one that will go back to standard variable after a while)
I also need this small loan on a unit under 50sq (45sq)
In my favour, the unit would be positive geared, but I want to live in it. Also, I have about 80% cash.
Can anyone help
Mortgage Hunter
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@mortgage-hunter
Join Date: 2003
Post Count: 3,781
September 3, 2003 - 1:20 am
Where is it?
The LVR will be 20%? Or did you want to use less cash?
Simon Macks
Mortgage Hunter
[email protected]
0425 228 985
ladybug
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@ladybug
Join Date: 2003
Post Count: 3
September 3, 2003 - 1:22 am
quote:
I have an interesting situation that shall test you all
I need a lo doc (a nice one where I don’t need proof of income, and one that will go back to standard variable after a while)
I also need this small loan on a unit under 50sq (45sq)
In my favour, the unit would be positive geared, but I want to live in it. Also, I have about 80% cash.
Can anyone help
ladybug
Member
@ladybug
Join Date: 2003
Post Count: 3
September 3, 2003 - 1:25 am
quote:
I have an interesting situation that shall test you all
I need a lo doc (a nice one where I don’t need proof of income, and one that will go back to standard variable after a while)
I also need this small loan on a unit under 50sq (45sq)
In my favour, the unit would be positive geared, but I want to live in it. Also, I have about 80% cash.
Can anyone help
Possibly
There are a number of things you would need to look at to start with – firstly if you really have 80% cash you should be able to get a full doc loan just on rental income. Also I have a couple of third party lenders who would look at it at standard bank low – doc rate 6.8 – 7.4
Harold
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@harold
Join Date: 2003
Post Count: 80
September 3, 2003 - 1:27 am
I probably want to live in it so I would want the smallest debt possible….but I would not mind my maximum borrowability (largest loan) but I’ll sit the excess funds in redraw or offset.
ScottKingsley
Member
@scottkingsley
Join Date: 2002
Post Count: 4
September 3, 2003 - 1:29 am
2 questions!
1 where is it?
second it should be easy,i have 2 lenders whom drop the rate automaticaly aftern 2 yeasrs.
Rates & conditiona apply
Scotty
0412 425 025
Mortgage Hunter
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@mortgage-hunter
Join Date: 2003
Post Count: 3,781
September 3, 2003 - 1:32 am
Harold,
I would recommend offset rather than redraw. That way if the property becomes an IP and you need the funds for a new PPOR then you will preserve the deductability.
I can recommend two lenders who will give you a LODOC at a normal Fulldoc rate so you wont need to wait two years for it to drop.
Good luck,
Simon Macks
Mortgage Hunter
[email protected]
0425 228 985
Harold
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@harold
Join Date: 2003
Post Count: 80
September 3, 2003 - 1:36 am
The unit is in a major capital city (I’m not putting anything on this site since I don’t have a contract on it)
Stuart Wemyss
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@stuart-wemyss
Join Date: 2003
Post Count: 598
September 3, 2003 - 2:08 am
Hi Harold
I think Suncorp Metway may be best for you.
– They will do units over 45 sqm.
– They may do 80% LVR.
– You sign a Low Doc declaration setting out your income (you will need to provide an ABN to prove that you are self employed).
The loan details are:
– Interest rate: 6.47%
– Application fee: $550
– Ongoing fees: $10 per month.
– Break fees: $550 for 3 years.
I hope that helps.
Cheers
Stu
Property & Finance News
at http://www.prosolution.com.au
picja1
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@picja1
Join Date: 2003
Post Count: 144
September 3, 2003 - 2:46 am
Stuart,
Are you sure with Suncorp, don’t they only lend min 60sqm?
Also, suncorp you need $250k min assest
Min 3yrs Self employment in current buisiness.
St george 6.57%
Max 65%LVR
App; $750 then $10p/m
Min 2 yrs Self employed
A No Doc loan may be suitable for IP’s 65% max LVR rates vary from 6.8% no ongoing, application $600.
Lo Doc
6.84% if <76%LVR
7.09% if >76%LVR
no ongoing fee
application $600
exit fees; 2mths repayments
[email protected]
ventura
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@ventura
Join Date: 2003
Post Count: 7
September 3, 2003 - 3:08 am
hey Stuart
Has ur phone # changed becoz 1800 880 224 is getting answered by someother Co !
Richard Taylor
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@qlds007
Join Date: 2003
Post Count: 12,024
September 3, 2003 - 3:08 am
Hi There
Pictja i think you will find that they scraped the minimum asset requirement some time ago. Minimum lend is $150,000. Also will go to < 50sq M2 depending on the number of units in the block and the height of the building. Normal rates apply.
Cheers Richard
[email protected]
There is no such thing as a problem.
Just a solution waiting to be found
Richard Taylor | Australia's leading private lender
josie_2
Member
@josie_2
Join Date: 2002
Post Count: 15
September 3, 2003 - 5:53 am
Hi Ventura
Try 1300 880 224.
I have had a few people tell us that the website says 1800 but it is definately 1300.
Have another go.
Josie
Stuart Wemyss
Member
@stuart-wemyss
Join Date: 2003
Post Count: 598
September 3, 2003 - 6:05 am
Suncorp may or may not be the best answer… I just thought that I would get some discussions going on the lenders that may be able to help Harold. Talking about the specific lenders will help Harold and other readers increase their knowledge. Just a thought…
Cheers
Stu
Property & Finance News
at http://www.prosolution.com.au
Teylu
Member
@teylu
Join Date: 2003
Post Count: 68
September 3, 2003 - 6:08 am
Just a note.
There was a article in Sydney Daily Telegraph yesterday all about Lo-Doc loans. It out lined which lenders and also mention some do not require tax returns.
Cheers,
Teylu
“Has anything you’ve done, made your life Better?”
(American History X)