Can anyone help me with advise. My husband is self employed and we have one IP on a low doc loan. As prices have fallen we dont have enough equity in our PPOR at 80% to refinance out of a very high interest rate loan ( finance company decided they couldnt afford to lower interest rates) How many tax returns do you have to show a bank to get a normal 90% home loan?
Thanks
DeeHi Dee
Normally 2 years tax returns are required but in saying that if you have 1 year with a couple of Business Activity Statements there are a couple of lenders who will look at the deal.
Richard Taylor | Australia's leading private lender
Thankyou…..Hopefully Low Doc come back in the next few years
Hi Dee
Lodoc at 80% lvr is still very much with us at excellent rates but dont hope in the non too distant future than Lodoc > 80% will be back at such competitive rates.
Anything currently being offered at Lodoc 80% + Is at a rate which makes the borrowing totally uncompetitive.
Richard Taylor | Australia's leading private lender
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