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Low doc/no do

Discussion in 'Property Finance' started by Itsme, 18th Nov, 2015.

  1. Itsme

    Itsme Member

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    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.
     
  2. euro73

    euro73 Well-Known Member Business Member

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

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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

    Redom Mortgage Broker Business Member

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    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
     
  5. Michael_X

    Michael_X Mortgage Broker Business Member

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    If Rolf can't do it, no one can :)
     
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  6. D.T.

    D.T. Adelaide Property Manager Business Member

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    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.
     
  7. Itsme

    Itsme Member

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    Thank you all.
     
  8. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Thanks for the vote of confidence, but that isnt quite true !

    ta
    rolf
     
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  9. Azazel

    Azazel Well-Known Member

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    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.
     
  10. Richard Taylor

    Richard Taylor Mortgage Broker & Brisbane Buyers Agent

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    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
     
  11. MTR

    MTR Well-Known Member Premium Member

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    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:
     
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  12. Elives

    Elives Well-Known Member

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    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?
     
  13. tobe

    tobe Well-Known Member

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    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.
     
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  14. MTR

    MTR Well-Known Member Premium Member

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    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.
     
    Last edited: 28th Nov, 2015
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  15. keroppi

    keroppi New Member

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    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.
     
  16. MTR

    MTR Well-Known Member Premium Member

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    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
     
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  17. sash

    sash Well-Known Member

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    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....
     
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