Low Doc Loans

Plenty of low doc lenders offering one form of verification still. Can be either BAS, accountant's dec or business bank statements.

 

I assume dependent on verification will also determine interest rate, same as LVR

 

You might be thinking of Rate Money - they are a self employed specialist brokerage.

 

Thx appreciate this

 

Apparently Rate Money relatively new and the owner of this business had a RAMS franchise. The RAMS low doc product no longer exists, but was one of the best low doc loans prior to APRA.

I am keen to look into this further and will post. We dont have a great deal of into on low doc products

A Home for the Self-employed | Home Mortgages | Rate Money

 

The one thing that stood out for me was their 80% Lvr low doc product. I haven't used them for any loans yet as I've only been doing under 60% and I can file those myself instead of a referral to Rate Money. If i did have a client needing 80% I'd be doing a tick n flick to them.
I believe they will only use max of 40% of the bas total sales figure in servicing, so for work from home businesses or those with low overheads it limits serviceability a lot compared to other lenders where an applicant can self declare a higher income figure and serviceability is based on that.

 

Thx
Verification will be accountant’s declaration.

 

Update….. looking promising

From preliminary chat, looks like I can go 70% lvr, 3.75% interest only, accountant signing off on this.
Looking at refinancing my 3 villa development on completion. Today Its around $1.9m project