Lodoc investment refinance

Viewing 9 posts - 1 through 9 (of 9 total)

Joseph12
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@joseph12
Join Date: 2008
Post Count: 57
April 2, 2009 - 1:38 am
Any lenders who do lodoc investment refinance without GST registration ?
Thanks.
perpetrator
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@perpetrator
Join Date: 2007
Post Count: 48
April 2, 2009 - 6:05 am
If it's a genuine low doc loan i.e. your self employed and not earning over $75K, you dont need GST registration. If it's a self certified loan claiming over $75k then your out of luck
Richard Taylor
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@qlds007
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April 2, 2009 - 6:27 am
Just to clarify GST registration has nothing to do with the amount you earn but is required if your turnover is over $75K PA.
Ues there are a few lenders who do lodoc refinance but it all boils down to LVR, loan amount and a number of other questions.
Richard Taylor | Australia's leading private lender
Joseph12
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@joseph12
Join Date: 2008
Post Count: 57
April 2, 2009 - 8:30 am
Loan amount is around $300K to refinance investment loan.
LVR between 60% to 80%
ABN more then 2 yrs registered.
No GST registration.
Location of security category one sydney metro location. Not high density security.
Please advise which lenders would consider looking at the loan ?
Thank you
Richard Taylor
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@qlds007
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Post Count: 12,024
April 2, 2009 - 10:03 am
There would be a couple depending on who the existing loan is with and whether their is any cash out.
Assume no other liabilities such as rent and that a declared income of $75K income would service the loan.
Richard Taylor | Australia's leading private lender
Joseph12
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@joseph12
Join Date: 2008
Post Count: 57
April 3, 2009 - 1:40 am
Found out Rams, St George and CBA are able to look at the loan.
Thanks for your help.
Richard Taylor
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@qlds007
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Post Count: 12,024
April 3, 2009 - 3:27 am
CBA require BAS statements over 60% LVR.
Richard Taylor | Australia's leading private lender
bfantastic
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@bfantastic
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April 3, 2009 - 11:09 am
As long as the LVR is <60% most lenders will look at this once you go over 60% you will incur LMI and LMI will place a lot more restriction on your abilities to borrow.
Rather than go to the main banks try some of the smaller lenders like building societies or other second tire lenders you will find then much more accommodating with this type of loan.
your ABN needs to be registered for 2 years if the loan is >60% and one day for some loans <60%
I will Stand corrected, but isn't the ABN a regsistration for GST? you just dont have to declare the GST if you business turnover is less than $75K?
Richard Taylor
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@qlds007
Join Date: 2003
Post Count: 12,024
April 4, 2009 - 12:03 am
No they are 2 different registrations
but isn't the ABN a regsistration for GST.
When you apply for an ABN you then have the option to register for GST.
You are not required to register if you believe your turnover will be less than $75K PA.
In saying this of course you would not be able to declare an income of $75K PA on a lodoc form as no business would have no expenses and no lender will believe you.
Richard Taylor | Australia's leading private lender