Low Doc Loans

Discussion in 'Loans & Mortgage Brokers' started by MTR, 26th Feb, 2020.

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  1. MTR

    MTR Material Girl Premium Member

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    Can anyone provide information on what you think is best low doc product on the market
    Today?
    Also any product for construction ???

    Curious how this is working for investors today

    thanks

    MTR
     
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  2. euro73

    euro73 Well-Known Member Business Member

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    What do you mean by best?
    Rate?
    Cash out?
    LVR?
    BAS and trading statements required , or self declaration with accountant declaration required ?
     
  3. Morgs

    Morgs Well-Known Member Business Member

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    Low doc construction you pretty much have a choice of Latrobe....or Latrobe through a mortgage manager!
     
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  4. MTR

    MTR Material Girl Premium Member

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    Right
    RAMS low doc no longer around, that was an awsome product. I used this when I developed in Melb

    damn, not much around
     
  5. beachgurl

    beachgurl Well-Known Member

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    I like Pepper for low doc and Bluestone is ok if you have less than 5 properties but neither do construction. I've put a few clients through redzed too.

    I recently had a low doc construction with LaTrobe. Rate was high but came down a lot once construction was complete.
     
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  6. MTR

    MTR Material Girl Premium Member

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    Used redzed expensive exit fees
     
  7. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member

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    Cost of business................... ?

    ta
    rolf
     
  8. MTR

    MTR Material Girl Premium Member

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    For sure
     
  9. Peter Pakarinen

    Peter Pakarinen Member

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    If you have 60% LVR then ANZ low doc is the best. Otherwise Pepper and Liberty. Cannot comment on construction.
     
  10. MTR

    MTR Material Girl Premium Member

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    thx will check it out
     
  11. JohnPropChat

    JohnPropChat Well-Known Member

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    Not to derail the thread but are there any asset based lenders in Australia? What LVR? Term?
     
  12. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member

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    Plenty of private money around.

    60 to 80 %

    1 to 2 years

    ta
    rolf
     
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  13. Peter Pakarinen

    Peter Pakarinen Member

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    As per another comment, their is private money however this must be done through a company. LVR can be up to 80% generally lower. However you have to read the fine print and costs. Clear margins and exit strategy.
     
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  14. wylie

    wylie Moderator Staff Member

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    I used RedZed too and they had a high entry fee as well. But it got me finance when I needed it.
     
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  15. Richard Taylor

    Richard Taylor Well-Known Member

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    Yes plenty of private money to 80% both in your individual name (Yes Nodoc under NCCP) and Corporate borrowing.
     
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  16. MTR

    MTR Material Girl Premium Member

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    Ok so how do you get this private money.... ???how does this work....??? Is this high risk??? Higher ir???
     
  17. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member

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    Higher risk for the lender yes

    ta
    rolf
     
  18. JohnPropChat

    JohnPropChat Well-Known Member

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    Does this work for purchases as well? Or need to use existing assets as collateral?
     
  19. Richard Taylor

    Richard Taylor Well-Known Member

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    No done dozens of standalone purchases.
     
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  20. richerdad

    richerdad Member

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    Hi Beachgirl, looking at doing a construction loan I see that the rate on La trobe's website is 7.99% so pretty hefty, when you say it came down once complete what did it go to? Its an investment property so it will be positively geared once rented.