Posted Monday, 14 May 2012 at 21:02 by Shape Home Loans
Tagged: Low Doc loans
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Low doc Loans over 80% ( Up to 90%) with NO LMI
Low doc loans suits self employed who are not in the position to provide 2 x full years tax returns.
Generally most low doc loans have a max LVR cap of 60% ( Major banks); however don't let this low LVR amount fool you!!! there are tier 2 lenders out there who are more then happy to lend over the 80% LVR mark for the right client.
- In lieu of LMI- a Risk fee of up to 3% of the property value is to be paid upfront to the lender ( NO LMI POLICY)
- Rate from 6.40% for LVR under 60%
- Rate from 8.70% for LVR up to 80% for refinance and 85% LVR for purchases
- Rate from 9.10% for 90% LVR
- Refinance other low doc and private loans are fine!
- Loans in company or trust name is OK!
- Some late payments and small defaults under $1,000 still considered
- Some over limit on credit cards and personal name OK!
Just note: it is NOT OK to have a highly active credit file! so speak to us first before you start ringing around...