First apologies if this has been asked before – I did a search but nothing comes up under low doc loan on the forum. Just a question re these low doc loans, I know a minimum 20% deposit is required, but my broker also said I would need to be registered for CGT. IS this necessary?( I assume that it means I am making $75K) Also, do i need to show savings history – (6 months savings?) as I usually put savings excess money into my home loan, so don;t have savings as such. Does the extra repayments count as savings, because I can redraw on them. Would a bank see it as savings had I not have put it into the loan? Many thanks
There is no legal requirement to be registered for GST if your Annual Turover is less than $75,000.
It has nothing to do with your income more your turnover.
Yes a lender would accept advance loan funds as acceptable deposit.
Richard Taylor | Australia's leading private lender
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