Mon, 2009-01-19 18:04 — Guest
We can help our self employed customers with low doc refinances up to 80 percent loan to value ratio + LMI! * *Maximum single facility including LMI - $1mil
- The primary income earner must be self-employed.
- No debt consolidations will be accepted.
- Only allow refinances of prime loans from the four major banks (ANZ, Commonwealth Bank, NAB and Westpac) and other selected Australian Deposit-taking Institutions (St. George, Bank SA, BankWest, Bendigo Bank, Bank of QLD, HSBC, Citibank, Newcastle Permanent, Heritage Building Society, Credit Union Australia, The Rock, and Police and Nurses Credit Society). This change aims to limit any potential acquisition of sub-prime or no-documentation style lending.
- Cash outs or loan advances where the bank cannot control funding will be limited to the lesser of 10 percent of the loan amount or $50,000.
- The maximum loan amount and the applicant's total borrowings cannot exceed $1.5m (previously $3m).
- All other Low Doc lending criteria remain unchanged, including a maximum loan-to-value ratio of 80%.