Can any of the Morgage Broker experts give me some info/advice.
As far as the mainstream banks ANZ, CBA etc. is the criteria for borrowing firstly equity then servicability.
I know this is a simple question but it always gets me.
We have lots of equity, but as we are in business and money gets pumped back into the business our figures sometimes do not stack up …. it really concerns me in terms of our the Banks view us.
However, as I stated we have lots of equity in properties etc.Without getting into the nitty gritty can you give me same basics in regards to this question. Are there lenders our there that are sympathic to the business person out there and if so WHO??
Marisa
All the major banks will want you to demonstrate you can service the loans.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
cont.
As a self employed person, you also have the option of low doc loans. These are where you declare an income and do not have to provide any proof. Lvrs for low docs are around 80% max. Most of the major banks now offer low docs.
There are also no doc loans where you do not have to declare any income at all – lvrs around 65% max.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
thank you both for your generous information.
I am always looking at options.We have used the conventional todate with all our props and this has worked out well to date.
I am aware of low doc loans but did not really want to go this way. Though I stand corrected but this seems very popular….
From our company figures it looks like we would possibly be able to use conventional means next financial year.
Cheers.Hi Marisa,
You will find that the ‘total product’ for low doc and no doc loans have become more comparable to a standard lend as more and more ‘lenders’ add them to their product list.
Initially no docs and low docs were for more ‘unusual’ circumstances and only offered by a limited number of lenders but that too has changed in more recent times as wider competition creates a market more beneficial to the borrower.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Thanks Derek, after financial year and accountant has viewed figures etc. will look at All products.
Many thanks. Have a nice day.
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