Lo Doc (requiring 'low documentation') loans are great for people who are self-employed and find it difficult to meet the typical burden of providind evidence of income, etc.
However, Lo Doc loans seem to be a dying breed in our current economic climate, according to Jason Priddle of Breeze Home Loans. ANZ have dropped their Lo Doc loans at up to 80% of the value of the security, & from 7th November to 60% of the security. FirstMac have removed their X Lo Doc Product altogether, except for further advances on the existing loans, limited to $100000.
Jason says, "The likelihood is that Lo Doc Loans may soon have very strict restrictions placed on them, or they will cease to be offered in their present form by the majority of Lenders."
If you're in this category, act quickly.
Talk to us about your next property purchase and your finance needs.
Yours in property!
15 November 2008
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