Indicative rates for LOC low doc loans ?

Discussion in 'Loans & Mortgage Brokers' started by Gill Bates, 10th Nov, 2016.

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  1. Gill Bates

    Gill Bates Well-Known Member

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    Brisbane
    What would the expected rates (range ?) be for low doc , line of credit loans (LOC)

    Secured with residential property, less than 1 KM from Brisbane CBD
    Asset ( House and Land) a easy 600K, loans are 3 x 50K LOCs
    Current rate is 6.15%

    Thanks
     
    Gill Bates, 10th Nov, 2016
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Probably standard rates with the major banks such as ANZ.
     
    Terry_w, 10th Nov, 2016
    #2
  3. tobe

    tobe Well-Known Member

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    Do you have a reason to refinance apart from rate?

    Refinancing to another loc low doc might save you .5 to .75%. Might be better off checking with a broker to see if there's a way to get a full doc loan.

    Why loc? Most lenders have term loans with i/o terms that are cheaper and have similar features.
     
    tobe, 10th Nov, 2016
    #3
  4. Gill Bates

    Gill Bates Well-Known Member

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    Brisbane
    Got a reduction to 5.5% just by asking - and mentioning my small LVR .....
     
    Gill Bates, 22nd Nov, 2016
    #4
    tobe and Perthguy like this.