Hi Guys
Just want to see any finance brokers still dare to write lodocs now?
I have a few leads but I may have to turn them down…
Hi William
Have no problems in writing them but i ask for BAS and Bank Statements.
Seems to me incredible that a Broker cannot write a lodoc loan unless he can deem that the loan is not unsuitable for a client yet the same client can then walk straight into a lender direct and they can write the deal until Jan 1 11.
Must admit have declined a couple of deals already under NCCP.
Richard Taylor | Australia's leading private lender
Hi William,
I originally thought that there would be no more low docs after 1 July. Perhaps that will be after 1 Jan 2011. I think it will definitely slow things down in the low doc market as brokers will be asking for BAS statements and bank statements now.
I notice that you have licensed finance broker on your post.
Probably in your signature? I suppose we are all going to have to take change that now as we are no longer licensed in WA.I wonder if anyone will change it to something other than finance broker or mortgage broker.
Maybe "ASIC registered credit assistance providers"? Sounds silly. Until you become a credit representative or Australian Credit Licence Holder? Hmm… Doesn't have the same ring to it. I think I will stick with Finance Broker.I received a letter from WA Dept of Commerce today. The are going to refund the Finance Brokers licence fees pro rata if you apply by 30 September 2010. Don't let the State Goverment keep your licence fee make sure you go to the website http://www.commerce.wa.gov.au and download the refund form.
Cheers,
TraceyHi Tracey
Yes ironic isnt it that as i mentioned earlier a Broker has to ask for such additional document but a couple of the Banks can still do a loan both purchase and refinance on a stated income basis for another 6 months.
Richard Taylor | Australia's leading private lender
This is the confusing part. I knew that the actual thing is kicking in 1/1/2011, but I believe we may have to start preparing the responsible lending and preliminary credit assessment from 1/7/10 already?
For me now every single application feels like a trap – annoys me badly!! Well for S/E with BAS that's not a big issues but for those who needs ANZ LoDoc 60 PAYG…I just couldn't think of any excuses…
Tracey, I got the same letter as well. I just got my license extended beginning of this year and I'll consider to plan a bomb under dept of Commerce if they don't refund the lic fee. um…I think we should have the "licensed" removed from all our advertising materials? Thanks for reminding me.
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