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  • Profile photo of Watson01Watson01
    Member
    @watson01
    Join Date: 2007
    Post Count: 5

    Hi,

    Just wondering if any one can assist me. I am after a LoDoc  Loan at 90% with a resonable interest rate. The valuation on  my property will come in at approx $750k and is located in Sydney's  Inner West.

    The catch is that I have taken a year off work and am living on equity, so there is no income.

    If anybody can assist me, I'd love to hear from you. Thanks

    Profile photo of hleunghleung
    Participant
    @hleung
    Join Date: 2007
    Post Count: 141

    The only worthwhile lo doc at 90% is with RAMS.  Their interest rate is very competitive It's a fairly new product so not all mortgage brokers can write them. 

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Hieung is correct that the RAMS lodoc 90 product is competitive.

    Whilst it is not the only lodoc 90 product in the market it is certainly priced attractively.

    The service levels are not the greatest but if you are looking at refinancing this is probably not an issue.

    I have done a few with them since the product was launched so let me know if you want a list of product features.

    Richard Taylor | Australia's leading private lender

    Profile photo of Paul DobsonPaul Dobson
    Participant
    @pauldobson
    Join Date: 2003
    Post Count: 1,196

    Hi Watson & Richard

    I'm currently in the process of getting a low doc from RAMS.  Unlike my previous low docs with the old RAMS, the new RAMS is insisting that our ABN, that must have been registered for two years, must also be registered for GST.

    With such a competitive product, I can see that a lot of ABN's are going to become GST registered ;-)

    Cheers,  Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Paul

    Yes similar to a few other lenders who have changed their policies over the last few weeks GST registration is compulsory if you intend to declare an income over $75,000.

    Whilst you are not required to register for GST unless your Turnover is >75K many lenders insist on it.

    Another lender Suncorp has today withdrawn its 1 day ABN product from the market immediately which again reduces the nodoc lenders out there.

    Richard Taylor | Australia's leading private lender

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