Just found this site and subsequent forum and think its a fantastic idea so well done
I haven't started a new thread as my question applies to this thread also. Initially I just wanted to refinance my current home loan for an investment property and through my research (no official applications lodged) I have discovered it would be easy to obtain a Low Doc loan as Im looking to refinance only up to 60%. I then stated to toy with the idea of refinancing as well as buying another investment property only to an 80% LVR.
My current loan is a low doc, I have had an ABN and GST Registration since 2002, however in June 2008 I canceled my ABN/GST as I wanted a career change. Realizing I was better in business I reactivated it in Jan 2009 to date, therefore its been 18 months since reactivation. Not sure whether it has any bearing?
To cut a long story short I wanted your professional opinion as to the likelihood of success for a low doc loan to 80% LVR, without BAS/ATO Statement requirements (I understand its more strict these days) and only a Stat Declaration for income. Preferred rate to a max of 8%, ideal 7-7.5%
My situation is as follows:
Credit Situation: Very Good
Current Loan: $166,000
Only 1 Credit Card: $10,750 (nothing owing and happy to reduce to any minimum)
Personal loans: None
Value of Home: $305,000 (conservative)
Current Rental Income $280 p/wk (lease has been renewed and new rate of $285 to commence end of Aug 2010)
Savings: but would prefer using my equity only
Future Property Purchase: $300,000 MAX (possible rental income $265-$270, dependent on suburb)
Costings: $15000 (Stamp duty, loan fees etc)
So my total loan would be $481,000 and total value combined $605,000 ie 80%LVR (i think)
I currently live with parents so I'm not sure what amount lenders allocate for living expenses in my situation.
PS: Would it be better to build (using a project home builder) or buy established with Low Doc 80's.
Sorry for the long post.