In particular we focus on getting the loan structure right the first time, choosing which lenders to use in the right order (yes this is important) and finally getting our clients the best deal possible.
Lo Doc Home Loans (up to 60% LVR)
What is a 60% LVR lo doc loan?
A 60% loan to value ratio (LVR for short) is where a loan is 60% of the value of the property that secures it. For example, a $300,000 loan to purchase a property worth $500,000 would have an LVR of 60%.
A lo doc home loan is one where the borrower declares their income to a lender and the lender relies on that information (among other things) to determine if the borrower can afford the loan repayments.
If you combine the two you have the 60% LVR lo doc home loan!
Are they still doing 60% lo doc home loans?
Yes, the good news is that 60% lo doc home loans are still available for most loan purposes. The range of lenders available includes major banks, regional banks and non bank lenders. We have access to a number of lenders who do 60% LVR lo doc home loans on the same or very similar terms as fully verified loans.
60% LVR loans are viewed as having a low risk of loss by lenders. If a lender is forced to take possession of a property from a borrower they are very likely to be able to recover their outstanding loan by selling the property. That doesn’t mean they will lend to anyone with sufficient equity though! After all, lenders do not want to force their clients to sell their homes or be forced to sell their homes for them.
Which lenders have the cheapest 60% Lo doc home loans?
Like all loan scenarios, it depends on who will do the loan for you and then from there who has the most suitable and cost effective loan offering. At Mortgage Experts we can help you determine which loan is best for your requirements.
60% lo doc home loans - FAQ
Can I refinance with a 60% lo doc home loan?
Yes. Unlike with many lo doc home loans above 60% LVR (which are usually mortgage insured), you can refinance owner occupied loans and investment loans.
Do I need to be self employed to get a 60% lo doc home loan?
Yes. Previously lo doc loans were available for PAYG employees (ie not self employed). However under the new national consumer credit protection laws this type of loan would now normally be deemed to be "unsuitable" for non self employed borrowers.
Do I need to provide BAS statements or bank account statements?
Yes and No. It depends on the lender. We have options available which do not require either. However as a responsible mortgage broker, and in compliance with the new consumer credit protection laws, Mortgage Experts Online must be satisfied that the loan is not “unsuitable” for you and that you can afford the repayments.
If I am self employed do I need to have an ABN number?
Yes. You will need to have an ABN for at least 6 months and preferably 2 years or more. If you declare an income from your business of over $75,000 pa, you would also normally be required to be GST registered as well.
What is the maximum loan amount that any one borrower can have?
The good news is there is no set limit with many lenders.
Is a 60% Lo doc home loan right for you?
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