Low Doc Loans with 20% Deposit still available?

Viewing 5 posts - 1 through 5 (of 5 total)

Earthling
Member
@earthling
Join Date: 2007
Post Count: 24
May 4, 2009 - 8:42 pm
Just wondering if Low Doc Loans are still available and what peoples thoughts are to the future of them if they still are.
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
May 5, 2009 - 3:32 am
Hi Earthling
Yes the product still exists in some circles however with some lenders the requirements include a copy of you last 2 lodged BAS as well as maybe your Bank statements to verifiy turnover.
We deal with some lenders who require nothing other than a signed statement. Very much horses for course.
As to whether the product will be around forever and a day I couldnt tell you. I dont think things will get any easier for self employed clients or those who are unable to verify their income through traditional means however i guess it is each day as it comes.
Certainly still with us at the moment.
Richard Taylor | Australia's leading private lender
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
May 5, 2009 - 1:16 pm
I agree, they are getting scarcer and scarcer, but are still around.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Earthling
Member
@earthling
Join Date: 2007
Post Count: 24
May 6, 2009 - 12:08 am
As long as theirs still one thats doable Im a happy man!
Thanks for the replies guys.
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
May 6, 2009 - 4:03 am
Welcome Happy Man.
Richard Taylor | Australia's leading private lender