One for the brokers

Viewing 6 posts - 1 through 6 (of 6 total)

maximus
Member
@maximus
Join Date: 2003
Post Count: 189
June 18, 2005 - 10:22 pm
Just wondering how much deposit one has to come up with when using a lo-doc or no-doc loan, i.e where most banks will lend on a 5-20% deposit for full doc, what percentage is required for lo or no doc.
Also, approx what interest rates are being charged for these loans.
Thanx
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
June 18, 2005 - 11:58 pm
A LODOC typically needs a 20% deposit (LVR 80%) whereas a NODOC will need a 35% deposit (LVR 65%).
Interest rates are now comparable with fulldoc loans in many instances. eg I have a LODOC/NODOC with a rate of 7.1%.
Hope this answers your question.
Simon Macks
Finance Broker
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Mobile Mortgage
Member
@mobile-mortgage
Join Date: 2003
Post Count: 913
June 19, 2005 - 6:13 am
There are also a few credit providers offering up to 95% LVR on low doc finance, this is due to the recent arrival of Mobius the mortgage insurer behind most of these new 95% low doc products. Cheers.
Regards
Steven Crane
Mortgage Broker
Mobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.au
PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
June 19, 2005 - 6:35 am
What are the rates on those Steve?
Simon Macks
Finance Broker
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Robbie B
Member
@robbie-b
Join Date: 2004
Post Count: 2,493
June 19, 2005 - 8:51 am
1-2% higher than standard rates….
I like the 80% ones myself at 6.76%!!!
TMA
http://www.email4money.info
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First Home Buyer Website
Mobile Mortgage
Member
@mobile-mortgage
Join Date: 2003
Post Count: 913
June 19, 2005 - 4:23 pm
Hi Simon,
The rates for the 95% low doc products vary between lenders and are relatively high, approx. 8.65% to 9.10%. Cheers.
Regards
Steven Crane
Mortgage Broker
Mobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.au
PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.