hi all,
Could someone please explain to me the definition of Full-doc loan vs lo doc loan (what does lo stands for anyway)
Is lo doc loan genereally being considered as non-conforming loan ? what are the limitations.Thanks.
CT
CT
A LODOC loan is not necessarily a non conforming loan.
A LODOC loan is where the proof of income provisions are relaxed. Originally designed for self employed folks who needed an inordinately large amount of paperwork to prove their income.
These loans relax this proof and allow people to sign a declaration of affordibil;ity or a declaration of income.
I hope this helps.
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Thanks Simon.
My gf family is considering purchasing a residential property in Australia. (they are not aussie nor PR). They run a business oversea but don’t want to put on a large amount of cash to purchase outright. I have been told that they are not eligle for loan as their income not being generated here, and lenders do not accept foreign income.
Personally I have no doubt about their servicecibility. Would a NODOC loan be best for them ? Who would lender be ?
Cheers,
CT
CT
The problem you face is a NODOC loan needs a 35% deposit plus purchase costs. Rate is only 6.85% which is pretty cool.
They would also need to fulfill the FIRB requirements.
Unless they put it in your name as you suggested but this may not help you in future lending as it will count as another loan in your name.
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Thanks Simon
The problem you face is a NODOC loan needs a 35% deposit plus purchase costs. Rate is only 6.85% which is pretty cool.
So if they can provide the deposit (of 35% or more) plus purchase costs, they can get a NODOC loan ? could you suggest a lender.
Cheers,
CT
You will be able to get the NODOC on their behalf.
They can get it if they meet the FIRB requirements.
We will have to do some research to see if they meet the requirements.
Is it a new property they are looking at?
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
hi simon,
We are looking at both newly built and second hand houses at the moment. I guess what I need to do now is to get FIRB approval first. is there a limit that they have pay for a residential property ? My gf is currently studying overhere, so she can get approval for a property less thAN 300K, but I am not sure about properties higher than this.
Cheers,
CT
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