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| All of our services are obligation free and are also free of any brokerage fees or other hidden costs. Simply use our Online Enquiry Form and tell us your situation and we'll have one of our experienced and qualified loan consultants call you back. Your may also call us direct to discuss your options on 1300 736 976. Please note that our office is currently AVAILABLE TO TAKE PHONE ENQUIRIES Mon-Fri 8:30am to 5pm AEST to Callers. |
Examples of where we may be able to help ...
Loans for those that have only recently been self employed
Low Doc Loans for employed applicants (No
LMI
Lenders Mortgage Insurance (or LMI) does not protect the borrower
in any shape or form. It is an insurance policy taken out by the Lender in case
you are late with your payments or default on the loan. If this occurs, then the
Mortgage Insurer will pay the lender the shortfall and will then
recover this amount from you. Mortgage insurance is normally payable by
borrowers on all loans with a Loan to Value ratio
LVR
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The LVR (Loan-to-Value-Ratio) describes how much you can borrow as a percentage of the value of the offered security property(s).
For example: You are offering 2 houses as security worth a combined $500,000. You wish to borrow $350,000 in total.
The LVR is 70% in this case ($350,000 divided by $500,000 times 100).
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exceeding 60% on Low Doc Loans. Mortgage Insurance is a
once-off cost and can often be added to the loan.
The premimum varies from Lender to Lender and will also depend on the amount being
borrowed and the
LVR
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The LVR (Loan-to-Value-Ratio) describes how much you can borrow as a percentage of the value of the offered security property(s).
For example: You are offering 2 houses as security worth a combined $500,000. You wish to borrow $350,000 in total.
The LVR is 70% in this case ($350,000 divided by $500,000 times 100).
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up to 80%
LVR
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The LVR (Loan-to-Value-Ratio) describes how much you can borrow as a percentage of the value of the offered security property(s).
For example: You are offering 2 houses as security worth a combined $500,000. You wish to borrow $350,000 in total.
The LVR is 70% in this case ($350,000 divided by $500,000 times 100).
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)
Overseas investors
High value Low Doc Loans
Favourable Purchases (purchasing from immediate family at a discounted rate with no deposit)
Owner Builder Projects
Companies and Trusts
Line of Credit
| A Line of Credit is a loan type that allows borrowers to draw down any amount (via a cheque book, ATM, over the counter or EFTPOS) up to and including the pre-approved limit. The main advantage is that you only make interest payments on the amount that has been drawn down. In some instances, you are not required to make any payments at all, provided you remain under the pre-approved limit (this is called "capitalising interest"). You can also pay back as much as you like at any time without penalty. |
with Capitalised Interest
Multi Unit Developments
Hobby Farms
Commercial Low Doc Loans to 60%
LVR
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The LVR (Loan-to-Value-Ratio) describes how much you can borrow as a percentage of the value of the offered security property(s).
For example: You are offering 2 houses as security worth a combined $500,000. You wish to borrow $350,000 in total.
The LVR is 70% in this case ($350,000 divided by $500,000 times 100).
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Second Mortgages
Not sure of your options?? ... call us on 1300 736 976 to find out.
Our office is currently AVAILABLE TO TAKE PHONE ENQUIRIES Mon-Fri 8:30am to 5pm AEST to Callers.
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Multi-unit Construction Project in regional town in W.A. under a Low Doc
SCENARIO
Applicants owned a block of land in a regional WA town and wanted to build 4 townhouses on the block. They estimated that the project
would take around 18 months to complete. Multiple drawdowns were required and they wanted to minimise their cash outlay. they also wanted to
apply for finance under a Low Doc scenario.
OUR SOLUTION
Given the nature of the project, we only had options with non bank Lenders. We eventually organised a 20 month loan with the following terms:
Fixed interest rate of 8.70% for the term of the loan.
3 months pre-paid interest (refunded at end of loan).
Reasonable Exit costs in the event of an early repayment due to sale.
Progressive drawdowns (interest only charged on amount drawn down).
80% of Hard Costs and 70% of End Value.
$200,000 'cashback' at settlement (based on the value of the unencumbered land).
We negotiated very hard with the Lender on behalf of the Applicants to ensure that all costs were fully disclosed prior to formal
loan documents being issued. The end result was that the Applicants could accurately calculate the cost of the project and were
able to determine the exact holding costs leading up to the sale of the property/s.
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High Value Low Doc Loan
SCENARIO
Applicants had an existing Low Doc Loan with a major bank over 4 properties and were looking to increase their loan by some $300,000.
Their current Lender was not able to accommodate their request as the new loan amount would have exceeded the maximum permissable
under their Low Doc program.
OUR SOLUTION
Initially we suggested to the Applicants that they approach their current Lender to ask them if they would allow a partial discharge
(ie: allow the Applicants to take one or two of the Security properties away from the bank so they could refinance them
with another Lender). Their current banks' response was "if you take one of the properties then you have to take them
all". Given the banks' intranscience, we had no choice but to refinance the entire loan.
Since the size of the loan exceeded $1.5m and the Applicants wanted "bank loans", we refinanced 3 properties with one bank and the 4th
property with another bank and got both banks "to talk to each other" to arrange a simultaneous Settlement.
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PAYG Low Doc Loan
SCENARIO
Applicant had been employed with the same company for many years but his income was largely commission based and had increased dramatically
in the last 6 months. He wanted to buy a house to live in and he had a 30% deposit.
The Applicant could easily service the loan based on his recent earnings, but he had been knocked back by several banks because he did not
have enough earnings history to substantiate his income claims.
OUR SOLUTION
We were able to arrange a PAYG Low Doc with a major bank at 70%
LVR
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The LVR (Loan-to-Value-Ratio) describes how much you can borrow as a percentage of the value of the offered security property(s).
For example: You are offering 2 houses as security worth a combined $500,000. You wish to borrow $350,000 in total.
The LVR is 70% in this case ($350,000 divided by $500,000 times 100).
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by simply calling the
employer to confirm that the Applicant had been employed by the company for the period claimed. The Employer was not required to
disclose any information regarding the Applicants' salary or commission structure.
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Favourable Purchase
SCENARIO
Applicant was self employed and was living with her daughter in a house in Melbourne (which the daughter owned). The daughter had
decided to travel overseas and wanted to sell the house to enable her to have sufficient funds for the period she would be away.
The mother wanted to stay in the house and called us to see if she had any options for purchase. As it eventuated, the mother had
lent the daughter the deposit of $90,000 to purchase the house in the first place.
OUR SOLUTION
We arranged a Low Doc Loan with a non bank Lender on the following basis:
Current property valuation of $400,000.
Contract price of $320,000.
Loan of $320,000 (100% of the Contract price and 80% of Valuation).
The "psuedo-deposit" of $80,000 was listed as a "gifted deposit" on the Mothers' Application.
The loan went through without a hitch ... the mother kept the house AND (effectively) was repaid the initial deposit lent
to the daughter, while the daughter had capitalised on the increased value of the property since initial purchase (some $30,000
after costs). The end result was that everyone was happy.
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Refinance of a Macadamia Farm at Byron Bay
SCENARIO
Applicants owned a small Macadamia Farm (more of a Hobby Farm) at the back of Byron Bay, but had recently rented the property out and
moved back into town. The primary Applicant was self employed in an unrelated profession. They wanted to refinance the property to
gain access to funds to settle some outstanding personal debts and to have "comfort money" available to them given their new circumstances.
They had approached a number of banks but were unable to secure a loan (predominantly because of the nature of the Security property).
OUR SOLUTION
We arranged a Professional Package Low Doc Loan with a major bank splitting the loan into a Fixed portion and a
Line of Credit
| A Line of Credit is a loan type that allows borrowers to draw down any amount (via a cheque book, ATM, over the counter or EFTPOS) up to and including the pre-approved limit. The main advantage is that you only make interest payments on the amount that has been drawn down. In some instances, you are not required to make any payments at all, provided you remain under the pre-approved limit (this is called "capitalising interest"). You can also pay back as much as you like at any time without penalty. |
. We were able to show the bank that they were not relying on any income
form the Farm to service the loan.
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Refinance of property by recently self employed Applicant
SCENARIO
Applicant had only been recently self employed and had not yet registered an ABN number. He owned his house and wanted access to some of the
Equity
Equity refers to the current value of your home less the amount that you owe. For example, suppose your house is worth $500,000
and you owe the bank $300,000, then the equity would be $200,000. Note that this does not mean that you can access all of this equity
via a loan (in most cases). If you refinance at an 80%
LVR
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The LVR (Loan-to-Value-Ratio) describes how much you can borrow as a percentage of the value of the offered security property(s).
For example: You are offering 2 houses as security worth a combined $500,000. You wish to borrow $350,000 in total.
The LVR is 70% in this case ($350,000 divided by $500,000 times 100).
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(for example), then this means that you would
only be able to access $100,000 of the equity ($500,000 * 80% less the $300,000 you already owe).
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in the property.
OUR SOLUTION
We were able to arrange a loan at 7.24% variable with a non bank Lender at a 70%
LVR
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The LVR (Loan-to-Value-Ratio) describes how much you can borrow as a percentage of the value of the offered security property(s).
For example: You are offering 2 houses as security worth a combined $500,000. You wish to borrow $350,000 in total.
The LVR is 70% in this case ($350,000 divided by $500,000 times 100).
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.
This gave the client access to another $80,000. Additionally, the Applicant was NOT required to disclose any income or his Assets and Liabilities.
An ABN number was also not required.
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Not sure of your options?? ... call us on 1300 736 976 to find out.
Our office is currently AVAILABLE TO TAKE PHONE ENQUIRIES Mon-Fri 8:30am to 5pm AEST to Callers.
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