I need a bit of advice from the friendly resident mortgage experts..
My mother intends to get a loan against her unincumbered PPOR. She has an ABN for 6 months, and is unable to prove income for a full doc. Ideally we would prefer a higher LVR over a lower interest rate.
What banks and products can you suggest, and what costs are we up for? We will borrow IO and pay LMI from the borrowed amount.
Thanks,
GregYou would be looking at around the 7% mnark for this sort of lending.
Some loans have application fees of about $800, others have monthly fees. Best to get a broker to present you with a range of options.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
Greg
As Simon has stated many of these types of loans have varying features and charges.
Some have a maximum “cash out” amount others have no limit.
Depending on the loan amount required LMI should not be payable and in most cases IO is available.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
RAMS will do up to 80% on No Docs, and Maquarie up to 70%. Macquarie have reduced their rates as well for loans over $200K – now 6.98% with No LMI payable.
Terryw
Discover Home Loans
Parramatta
[email protected]
Sign up to my mailing list.
Just send me a blank email, with “subscribe†in subject line.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
Do you guys know of any financial institution that would do a low doc no doc 100% of the purchase price?
Thank you
Jenny1
None will lend 100%. One or two lend up to 95%, but the rates are high, around 9%+.
Terryw
Discover Home Loans
Parramatta
[email protected]
Sign up to my mailing list.
Just send me a blank email, with “subscribe†in subject line.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
100% + is available but you would need to be offering additional security by way of another property.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
95% Low Doc.
Interest rates 8.99% reducing to 7.79% after 3 years
LMI: 3.45%
No monthly or annual fees.
Application fee: $1200
P&I or interest only
Security: owner occupied or investment
Trusts are ok
Up to 4 splits
Redraw: minimum $2000
Deferred establishment fees: 1 Year 2.5% 2-3 years 2.0%
3-5 Years 1.5%Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Steven that sounds suspiciously like the offering available via FirstMac. My hat goes off to you.
There is a multitude of lenders around who will lend you the money just not 100%
Some are competitive some not so much. Depending on the LVR you might be able to get it down to as low as 6.29% for the first year.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055
You must be logged in to reply to this topic. If you don't have an account, you can register here.
