All Topics / Finance / New 80% Nodocs???

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  • Profile photo of grant7grant7
    Member
    @grant7
    Join Date: 2006
    Post Count: 59
    June 29, 2006 - 4:23 am

    Hi everyone,

    Heres a qoute from investor directs latest newsletter –

    “Also a few more lenders have introduced 80% No Doc product – this is great news too.”

    Previously only Rams had this product, anyone know who these new lenders are & any details?

    Thanks in advance
    Grant

    Profile photo of Josh-PrestigeloansJosh-Prestigeloans
    Member
    @josh-prestigeloans
    Join Date: 2006
    Post Count: 62
    July 3, 2006 - 12:22 pm

    Grant7,

    The following finance have had NO Doc’s 80 for some time. Carrington National & Interstar. Check them out

    http://www.carringtonnational.com.au/pics/forms/forms%20may06/NO%20Doc%2080%25.pdf

    Interstar only use brokers for their business. Ask your broker about the fees,interest rates and requirements for their products.

    Best of all they can be for either regulated (Domestic use) or unregulated (invesment) purposes

    Hope this helps. Tell us how you go

    Joshua McEwen
    Finance Consultant – WA

    Mob:0430 452 497
    http://www.prestigeloans.com.au

    Brokers Lic 1297
    Licensee Brett Christie

    Profile photo of grant7grant7
    Member
    @grant7
    Join Date: 2006
    Post Count: 59
    July 31, 2006 - 1:52 pm

    Thanks Joshua,

    Carrington is interesting, unfortunately they require 2 yr ABN which I havent quite reached yet.

    But has anyone seen this at
    http://www.investorsdirect.com.au/newsletters/072006/story1.htm

    2. How can you keep borrowing money without an income?

    There are mortgage products that will allow investors to borrow 80% of the property value without having an income at very competitive interest rate. For example, the Investors Direct Equity Converter mortgage only requires no income declaration and only 1 day ABN number to qualify (other conditions apply). The product allows investors to use debt to service debt, instead of income to service debt.

    It literally turns capital growth into your cash flow.

    Bill Zheng

    A 80% Nodoc needing only 1 day ABN!!!
    Seems like it may be what Ive been hunting for..[exhappy]

    Has anyone used it or know much about it?

    Thanks
    Grant

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    July 31, 2006 - 9:25 pm

    There are a couple of new lenders but the rates are higher than normal.

    Cheers

    Richard Taylor
    Residential & Commercial Finance Broker
    100% Finance on selected properties in the USA.
    Email us to be added to our mailing list.
    [email protected]
    Ph: 07-3720 1888

    Richard Taylor | Australia's leading private lender

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