Low doc/no do

Evening all

I have an associate who is having trouble obtaining finance for a ppor.

Without knowing the details, his accountant has documented minimal income to help reduce income tax.

He has had several knock backs from banks and broker based on servicability. He has plenty deposit for an $800k purchase.

Does anyone know of a good broker in the Gold Coast/ Brisbane area who could help him out.

Thank you.

 

Any broker can assist, provided he has a large enough deposit and an agreeable accountant ...

 

Yep - but if you like to someone local, try @Rolf Latham.

 

Rolf's your go to person for this.

For self employed, can get a low doc loan with accountant declaration of income. Adding in transaction listings for the business and/or BAS statements adds further income evidence support that can be used to reduce the risk and obtain a better deal.

Cheers,
Redom

 

If Rolf can't do it, no one can

 

Remember to find someone who can communicate well and can explain their choices clearly.

You may find that an experienced broker need not take them down the lo doc path as there may be other options available.

 

Thank you all.

 

Doesn't have to be a local in this day and age, plenty of brokers on here.
If your friend wants to work it out, they should be on here themselves.

 

Many alternatives depending on the loan to valuation.

The bigger the deposit the less the requirements are.

Being a PPOR I assume he is buying the property in his personal name. If it was a Company purchase he could have looked at a Nodoc loan.

Cheers


Richard

 

Have used 2 lo doc lenders recently, as I am a developer I have not completed all my projects therefore my accountant is very agreeable to sign off on the income for our company to service loans.

Seriously some good lo doc lenders out there are the moment.... RAMS lo doc, brilliant

MTR:

 

Hi MTR i'm curious as to what the interest rate is on a lodoc? is it average 1% higher then a full doc loan?

 

Interest rate varies from standard variable to up to 2% higher. Depends on the LVR, and how much information you can provide. There is also sometimes an LMI fee for loans over 60% LVR with some lenders. Many low doc providers also don't have fixed rates.

 

I am using RAMS for building/construction of 4 townhouses, resi lo doc loan at 5% IR, 80% LVR. As mentioned good product and I will continue to use this regardless of whether I can service full doc.

 

Hi MTR. Which RAMS product did you go with for your townhouse development? Did you apply directly or go through a mortgage broker?

I am also interested to know which other low doc lender you used besides RAMS and whether you can recommend them.

 

Direct with RAMS, yes, for my 4 townhouse development, resi rates, however its upto $750K with accountant signing off, otherwise you will need BAS statements if you require over $750K.

There are other lo doc lenders do a simple google search and see what you come up with.

MTR

 

Second that....it is essentially a Westpac loan so you get a lot of the benefits of a large bank.

Much better than 98% of the products out there...give them a try....