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For those of you who are using up your LMI coverage on Lodoc might be interested in a new uninsured lodoc product launched today.
Highlights include
This Lo Doc program is primarily for Borrowers who have been self-employed or have been full-time investors for at least two years (co-borrowers may be PAYG but they must supply income verification documents). The difference in this product is there is no requirement for Mortgage Insurance up to a maximum LVR of 80%.
PRODUCT SNAPSHOT Premium LO Doc UNINSURED
Loans can be regulated or non-regulated purposes.
- Maximum Loan Size – $2,000,000
- 80% LVR for loans up to $500,000 in Metro, Regional and Country areas of Australia
Metropolitan areas- 80% LVR for loans from $500,001 to $1,000,000
- 65% LVR for loans from $1,000,001 to $2,000,000 (NSW,ACT,QLD,VIC,SA & WA only)
Regional areas- 75% LVR for loans from $500,001 to $750,000
- 70% LVR for loans from $750,001 to $1,000,000
- 65% LVR for loans from $1,000,001 to $1,500,000
There is NO maximum exposure limit per applicant or associated entity.Security must be located in an acceptable security location.INTEREST RATESPremium Term Loan for LVR < 70%……7.84% variablePremium Term Loan for LVR > 70%……7.89% variableSummary of Premium Term Loan- Variable rate loan with Direct Card and Direct Credit & Debit Facilities
- Interest only for up to 10 years or Principal and Interest repayments
- Additional repayments can be made at any time
- Redraw – No minimum amount when using Internet. ATM withdrawals using Direct Card
- Loan Account Fees – 6 Free non-standard transactions per month. (No monthly account maintenance or ongoing fees. No internet or telephone banking fees.)
- Application fee $275 plus valuation and legal fees (including Title Insurance).
Richard Taylor | Australia's leading private lender
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