All Topics / Finance / Nodoc Loans are back

Viewing 13 posts - 1 through 13 (of 13 total)
  • Profile photo of Richard TaylorRichard Taylor
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    @qlds007
    Join Date: 2003
    Post Count: 12,024
    September 30, 2009 - 1:53 am

    Interesting to read this morning from one of our lenders that they have re-introduced Nodoc Loans.

    NO DOCS to 75%

    • No BAS Statements Required
    • No ABN Required
    • No GST Required
    • No Bank Statements Required
    • No Accountants Letter Required
    • Perfect for Non Residents
    • Unlimited Cash Out
    • Imapired options available
    • Nil Exit Fee

    Good to see the market starting to free up a little when it comes to credit consideration

    Richard Taylor | Australia's leading private lender

    Profile photo of WJ HookerWJ Hooker
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    @wj-hooker
    Join Date: 2007
    Post Count: 272
    September 30, 2009 - 3:23 am

    Qlds007
                  Next they will have 105% loans freely available again and we will get back to where we started again and then have another crash in 10 years.

    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
    Join Date: 2003
    Post Count: 12,024
    September 30, 2009 - 4:55 am

    Think the mortgage insurers might have something to say about that but i agree in some ways Credit is getting easier and in others ways > 80% lvr it is almost impossible.

    Richard Taylor | Australia's leading private lender

    Profile photo of kum yin laukum yin lau
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    @kum-yin-lau
    Join Date: 2006
    Post Count: 342
    September 30, 2009 - 11:22 pm

    Hi Richard, would I be able to get one of these no docs?

    I have a $170000 loan matures in Feb 2010. It's a private loan @9.5% against a shop [3 tenants] council valuation around $340000 or a bit more.

    I have 3 other separate titles [commercial, unfortunately] that are unenc umbered. Value by council $360000 approx in all 3.

    KY

    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
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    October 1, 2009 - 1:15 am

    Probably but wont be done at residential rates.

    Richard Taylor | Australia's leading private lender

    Profile photo of kum yin laukum yin lau
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    @kum-yin-lau
    Join Date: 2006
    Post Count: 342
    October 1, 2009 - 1:23 am

    Hi, doesn't matter as i'm on high commercial rates anyway. It's the term that I want. My current loan is short term 12 months. I will be happy with 2-5 years.

    i can even provide BAS, etc etc except that my taxable income is very low. That's the reason why the std bank loans are difficult for me.

    KY

    Profile photo of TerrywTerryw
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    @terryw
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    Post Count: 16,213
    October 1, 2009 - 5:41 am

    I have know of one No Doc lender at 75% LVR – but rates are high 9 to 11% pa. Hope there is now another lender out there.

    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

    Profile photo of bernstarbernstar
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    @bernstar
    Join Date: 2005
    Post Count: 16
    October 1, 2009 - 11:36 am

    Gday,

    With No Doc loans is 75% the max lvr currently attainable? Is 80% low doc still around and whats the story with 90% no genuine saving history loans? We still need to provide financials dont we there?

    Im ready soon to purchase a block or 2 in rural qld and build a rental IP/s. Ill have a 25% deposit very soon but just wanted to know if there were any ways I could save cash.

    Thanks a bunch.

    Bernard

    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
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    Post Count: 12,024
    October 1, 2009 - 1:02 pm

    Hi Bernard

    Yes for Nodoc 75% Max lvr and the rate is ugly.

    80% Lodoc available but the Rural part will scare most lenders and mortgage insurers off.

    90% No Gen Savings is fine but you will need financials.

    All boils down to the Post Code and what you can show.

    Richard Taylor | Australia's leading private lender

    Profile photo of AjaxAjax
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    @ajax
    Join Date: 2004
    Post Count: 60
    October 1, 2009 - 10:27 pm

    For a 75% lvr no doc, non impaired borrower, clean CRA,  sydney residential what interest rate am I looking at?

    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
    Join Date: 2003
    Post Count: 12,024
    October 1, 2009 - 11:13 pm

    For No Doc between 9-11%.

    For Lodoc 5.5% – 6.5%

    Richard Taylor | Australia's leading private lender

    Profile photo of AjaxAjax
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    @ajax
    Join Date: 2004
    Post Count: 60
    October 5, 2009 - 7:23 am

    Thanks for that info Richard,

    now to wait for a competitor to match this deal and reduce the no doc rate.

    Ajax

    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
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    Post Count: 12,024
    October 5, 2009 - 7:29 am

    Hi Ajax

    There are 4 Nodoc lenders out there and non of them have attractive rates so cant see that happening some time soon.

    Even less next year when the new Consumer Credit Reforms kick in placing more of an emphasis on brokers etc to ensure their clients can afford the loan and holding them responsible if they cant.

    Richard Taylor | Australia's leading private lender

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