the best lo doc products

Viewing 7 posts - 1 through 7 (of 7 total)

freedomfinder
Member
@freedomfinder
Join Date: 2004
Post Count: 63
July 25, 2004 - 3:44 am
Please finance guys and girls, I am 3 weeks from completing a H & L package and looking to refinance to its new value. Next door on the market for 365K and our investment is comparible and would say 350k could be right. So, who do you think has the best lo doc product according to my needs as follows. Single security with max. lvr and no to little lmi to pay. competative rates, interest only and 3 – 5 years fixed rates too. Low start up fees without bells and whistles, set and forget. I have some ideas but wanting to know if you are on the same level or you may have alternative to me.
thanks.
brahms
Participant
@brahms
Join Date: 2004
Post Count: 485
July 25, 2004 - 4:10 am
r u looking for 60, 80 or 90% lvr?
cheers
Brendan Heagney
Mortgage Broker
0438 436383
If you don’t ask, the answer is no!!
freedomfinder
Member
@freedomfinder
Join Date: 2004
Post Count: 63
July 25, 2004 - 4:21 am
80% dude
brahms
Participant
@brahms
Join Date: 2004
Post Count: 485
July 25, 2004 - 5:09 am
self employed with abn for 2yrs plus = Macquarie
others to consider / discuss with your broker are CommBank and as Rams will be reworking their low doc in the v.near future, this may be an option to consider as well.commbank don’t do fixed, other two do, St G and Suncorp not attractive due to MI and net asset position required.
there are some new deferred establishment fees to consider – back to you
cheers
Brendan Heagney
Mortgage Broker
0438 436383
If you don’t ask, the answer is no!!
Derek
Member
@derek
Join Date: 2004
Post Count: 3,544
July 25, 2004 - 8:25 am
Originally posted by freedomfinder:
Next door on the market for 365K and our investment is comparible and would say 350k could be right.
Hi Freedom,
Just a point of clarification and slightly off topic but it may influence your selection of lenders – be aware that a valuer will use settled sales as a guide when valuing the property – in essence the ‘on the market’ property may not be an accurate guide for finance valuation purposes.
Derek
[email protected]
Property Investment Support Available. Ongoing and never stopping. PM welcome.
Mobile Mortgage
Member
@mobile-mortgage
Join Date: 2003
Post Count: 913
July 26, 2004 - 2:32 am
Hi Freedomfnder,
Low Doc 6.85% 80% LVR with redraw & splits & no ongoing fees.
Regards
Steven
Mortgage Broker
[email protected]
http://www.mobilemortgagemarket.com.au
Ph:1800 820 500
VICTORIA
PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
July 26, 2004 - 4:38 am
It may depend on your circumstances. There are many low docs out there, soem with LMI others without. Location may be an issue with LMI so those without include:
Suncorp, upt to 80% LVR
ING
Adelaide Bank – both up to 76% LVR without LMI.
Incidently, other than these three, nearly all low doc loans are mortgage insured, but most times the client doesn’t realise as the lender picks up the tab.
Mortgage insurers generally have low maximum exposure levels, which means you may only qualify for a few loans – no matter which bank you go to.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au