Is anyone aware of any lenders who will go lo doc no doc to 80 # without mortgage insurance and there rates.
glenn
never never never sell
Glenn
Yes if you are self employed for 2 years and have a current ABN you would be able to apply for a NODOC loan if the purchase was for a investment property.
The loan is MI but you won’t have to pay for the premium upto a given loan amount.
Rate of Interest depednds on the product but around 7-7.25%.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.19%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
How big will your loan be?
Terryw
Discover Home Loans
Parramatta
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Lets see if this one gets deleted as well shall we gents.
Yes I do. And without mortgage insurance. Loan Limits apply though so depending on the amount you wish to borrow and the security location type etc it may not be as simple as you would hope for but normally all can be done…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Rams Low Doc 80% LVR with LMI covered.
A few lenders, Adelaide Bank etc will capitalise the LMI on there low doc products up to 80% LVR,
And a couple of lending institutions will lend to 90% with LMI capitalised up to 95%.As always ensure the product suits your immediate & long term needs, and keep an eye out for hefty deferred establishment fees. Cheers.
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.
We have lenders who will go past 80% low doc with out mortgage insurance. How ever the rates are higher and exit penalties can be steep.
Hi Glenn,
In regards to you the 80% it is definately viable if the property is located in prime location being metro areas. The lender would most likely look at the deal itself and if it is good they will have no problem with 80% with rates from mid 7.6% to mid 8.5%. Anything less is not really going to happen as the loan is a low doc facility.
No doc I am unsure, but have had responses from 65-75% LVR at the same rates as above myself.
Regards
Andrew
Senior Lending OfficerHi Holdandrefinance,
Have a look at the Cannex site http://www.cannex.com.au
Todd Burns
http://www.freepropertyhelp.com.auMust admit Todd i couldn’t see any details on the NODOC loan on the Cannex website.
Sure i cam across a load of comparison information on interest rates but not product specific details as H&R was asking for.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.19%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
what about going up to 70% and offering up property for cross collateralisation? is lmi involved are the fees less….anyone?
never never never sell
H & R
No not really 70 – 80% LVR is similar rate of interest, set up costs etc.
Some good deals around depends on so many other details.
If you can get away with Lodoc then you might save 0.5% and a few $$$ fees.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.19%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Providing the numbers stack up, and assuming you have the required equity available there would be no need to x-coll.
E.g., borrow 60% secured against the new purchase & the remaining 40% and closing costs via equity on a separate loan secured against current property.
The lower 60% LVR required will give you a much wider choice of lenders/options/rates etc.
If you are concerned with your level of exposure with LMI, then you may qualify for a 76% LVR Low Doc lend @ approx 6.99% with no LMI. Cheers.
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.
Qlds007,
I gave H&R the link to see what lo doc information there was. There is more information available if you click the lenders link. Even more information available if you call the lender on the the phone.
Todd Burns
http://www.freepropertyhelp.com.auMust admit i went on to Cannex Web Site and then clicked on the 2 main lenders that offer NODOC loans and there is no mention of the product on either site.
Difficult to now who to ring if you can’t find out the information in the first place.
Many lenders do not advetise the facility of NODOC lending it is just available.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.19%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
I believe their is a lender that will do 95% lo doc with rates starting from 6.94% (however not really a lo doc as you do need to provide alternative verification)
cheersSimsey
Regretfully the lender you refer to charges a lot more than 6.94% for lodoc.
In addition, they charge an equalisation fee as the loan is not mortgage insured. For 95% you are paying >8.75%.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.19%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Hi Holdandrefinance,
I have taken onboard the feedback of Qld007 to be more specific
Click on the RAMS link and see if this loan product suits you-http://www.rams.com.au/products/lowdoc.asp
Hope this helps.
Todd Burns
http://www.freepropertyhelp.com.auPrecisely
Is anyone aware of any lenders who will go lo doc no doc to 80 # without mortgage insurance and there rates.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.19%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Yes again.
I know of one 80% Lo-doc Comparison Rate of 7.06% based on $300k over 30 years loan term.
Again check if this product is suited to your needs, and goals financially.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Stuart
My reference was not in that you couldn’t find a NoDoc lender with a sub 7% interest rate but merely from the Cannex website they didnt show Nodoc products which was part of the original post question.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.19%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
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