Has anyone had experience with this type of loan or knows where / who lends on this basis? I run a small business and my income (statistically) would not yet stack up to normal scrutinee, yet I will be able to cover my costs.
I would be looking for 100%.
REgards
JES
JES
We have just used a Westpac loan which is a low doc type setup for one year until we prove our servicing ability, when the interest rate reverts to the rate we are paying for the other half a million they lent us two years ago (and which has been serviced properly). One would have thought our servicing record over the years would speak for itself. Go figure!!
We are very glad to have the loan (through a neighbour / broker) because it enabled us to buy the property behind one we already have, but otherwise we wouldn’t have touched it. The reason it is a low doc type loan is because I don’t work (outside the home – and not much inside either – LOL) so our servicing was letting us down but we had stacks of equity.
I’d definitely go to a broker who can source a lender for you.
Wylie.
Hi Jes,
The maximum LVR on a low doc loan that you would be able to get would be 95% with rates from around 8.5%. I suggest you speak to a good broker about your options.
Regards,
Cameron Perry
Finance Consultant
Perry Financial Strategies
Level 13, 30 Collins St
Melbourne VIC 3000
Ph (03) 9662 1999
Fax (03) 9662 2044I have dealt with both Cameron and his brother Alistair on a number of occasions. There background is town planning so there is little they do not understand about property investment finance
Nigel Kibel
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These days nearly all lenders offer low doc loans. Usually the max LVR is around 80%, though there are a few that offer higher LVRs with higher rates.
Terryw
Discover Home Loans
Parramatta
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As Terry mentions most lenders offer some form of lodoc product these days although they all differ in interest rate, features and easy of acceptance.
Other lenders offer upto 95% lodoc at slightly higher interest rates but no one offers a 100% loan unfortunately.
Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Thanks very much everyone. Appreciate the low down.
Cheers,
JES
Hi Jes,
Unfortunately, you will be hard pressed to find a lender prepared to lend 95% on a low-doc investment loan. Most deal in 80% as they will not obtain mortage insurance. I have seen various rates from 7.75% for properties in good areas and if they do not fit within those parameters then you are looking at 8.50%. I deal with a company that does offer 7.75% on low-doc investment purchases, owner builder etc. If you have any quesions just let me know.[biggrin]
amerc79
Most non conforming lenders offer lodoc loans for Investment properties with a LVR > that 80%
Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
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