we are self employed,and can not show our financial records how do we get a 95% loan on the property that we wrap or for renovation at the best interest rates.Is this possible.
Firstly LODOC loans usually cap their risk by not going as far as 95% loans.
See a broker and dont talk to just one bank with one set of options.
Secondly, if you are at 95% and want to squeeze cash out for a reno……good luck.
Most loans can be setup at $95% for a premium on the interest rate but for reborrowings they usually limit it to the 80% you get on a vanilla home loan. So unless you are experiencing magic cap gains(and why havent we heard of it) it seems not to be in the easy basket.
Again, see a good broker and if he cant help you, see another. Basically dont give up or it will get you down. A few dead ends will evetually lead you down the right path.
Keep at it and good luck
DD
Buyers Agent (Dip Financial Services(FP)
Don’t sweat the small stuff,and it’s all small stuff!!I doubt you will find a LODOC to meet your needs. You might actually have a lot of trouble if I understand you right.
Be careful that it you do find something it is not really high interest with enormous break fees.
All the best,
Simon Macks
Residential and Commercial Finance Broker[email protected]
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 all
couple of things.
1. why can’t you show you financials
2.have you wrapped or are you looking at wrapping
3.have you anything to throw into the pot to make it look anything like some thing a bank will get fuzzy about.
4.what are you renovating.
and dd what is vanilla home loan and magic cap loans.
no doc loans were introduced into the market place for a particular reason and so were low doc they are not the be all and end all of lending and should be taken with the use of a broker who know what and why they should be used.
a little bit of advice which should be taken by all no doc and low doc lenders make sure that even if it is a no doc low doc loan that your own personal tax returns reflect what you have give in your no doc, low doc loans.
I don’t offer either as its not my area but it seems to be away of increasing the cash injection to a project and as long as both sets of paperwork line up alls ok when there is an error the tax dept has very long pockets.
low doc, no doc are regulated loans.here to help
You must be logged in to reply to this topic. If you don't have an account, you can register here.
