Interest rates

Rates are higher depending on degree of credit impairments.

• 85% LVR- From 8.26% PA clean credit with ignorable defaults
• 80% LVR- From 6.99% PA rate load apply for countable credit impairments.
• 60%-<80% LVR- From 6.94% PA rate load apply for countable credit impairments.
• <60% LVR- From 5.19% PA Bank loan No LMI No Risk Fee
• Above Rates are variable rates and subject to change by the lender.
• 0.25% discount available on interest for first 2 years if client make all payments on time.

Security

Standard Residential properties in any populous areas. Depending on lenders post code guide different lender categories property locations in different way and allocate maximum LVR for the location.
Vacant land is acceptable for eligible borrowers only depending on location of the property.
Construction loan available up to 80% LVR
Please submit an inquiry to know maximum LVR available for your property location.

ABN

Minimum of 12 months. For 6 months -11 months ABN, trading statements are mandatory.

Maximum Loan amount Determined by degree of credit impairment, location of property and proposed LVR.

Maximum Loan per security

• 85% LVR= $1mil
• 80% LVR=$1.25 Mil
• <=75% LVR=$1.5Mil
• <=60% LVR=$2 mil ( 2 y ABN clean credit required)

Minimum Loan amount

$50,000-$100,000 depending on specific lender.

Credit history

• 1 day bankruptcy considered with LVR and cash out restrictions.
• Paid defaults up to $1000 ignored
• Defaults listed >2 years not counted for rate load
• Mortgage arrears count if not paid in 30 days.
• Past 12 months credit inquires need to be explained.
• All defaults and arrears need to be with acceptable explanation.

Depending on above lender assign impairment level and offer interest rate and maximum loan available.

Loan Term

2 years to 30 years

Repayment options

Principle and interest payment for O/O property. Interest only up to 5 years available at higher interest rate.
Up to 6 years interest only payment available for investment properties.

Valuation cost

Upfront valuation available at clients cost for most of the lenders. Valuation cost starts from $275 and differ depending on location and value of the property.

Cash Out and Loan Purpose

Unlimited cash out available up to 80% LVR loan.
Depending on degree of credit impairments cash out amount can be restricted.
Documentary evidence may required for higher amount of cash out.
Purchase, construction, refinance, debt consolidation, pay off defaults or tax debts, consolidate business and consumer debts, business or consuming purpose cash out are generally acceptable purpose of the loan.
Please submit an inquiry to check your eligibility to obtain a no doc mortgage loans

Risk Fee

NO LMI APPLICABLE

• Risk fee starts from 1% of the loan amount @65% LVR
• Maximum risk fee is 2% of loan amount @85% LVR or
• Depending on degree of credit impairments risk fee is 1.25%-1.75% @80% LVR
• Depending on degree of credit impairments risk fee is 1.25%-1.50% @75% LVR

Subject to lenders assessment.

Our Brokerage

Negotiable depending on amount of loan, amount of work and complex nature of loan requirements.

Other costs

Other costs are quoted to client at cost by the lender. Legal cost, mortgage registration, documentation fees, title insurance, settlement fees altogether allow up to $3000-$4000 depending on the lender and current government rates.
Most of above we disclose on our credit quote after selecting the lender.
Some of the above are not ascertainable until the settlement agent quote for the costs.

Proof of Income

Borrower declare their income on lender provided declaration from.
The accountant also sign lender provided template for accountant declaration.
No other proof of income required if business is registered for minimum of 12 months.
Client can provide recent 6 months BAS's if they don't wish to provide accountant declaration.

Other supporting documents

Mandatory for all applicants:

1. 100 point ID is mandatory for all applicants and guarantors for the loan.
2. Asset and liability for need to be signed by all applicants.
3. Most up to date council rates need to be provided for all properties.

Refinance:

1. Most recent 6 months mortgage statements for all mortgages being refinanced.
2. Most recent statements for other mortgages.

Debt consolidation:
If any other loans are consolidating client need to provide up to 6 months statement for secured or unsecured debts depending on the lender.
Cash out:
Depending on loan amount and percentage of cash out @ different LVR loans lender required acceptable documentary evidence.
Construction:

1. Fixed construction construction contract.
2. Council approved Plan and specifications.
3. Builders Insurance.

Lender may ask for extra documents during the assessment process depending on the strength of the application.
Please submit an inquiry to commence free assessment for your no doc mortgage loans.