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Re: Investment loan without full financials

Posted: Thu Jun 23, 2016 12:20 pm
by Otto Dargan
Hi Yvonne36,

Unlike in the past, low doc investment loans have more flexible lending policy with rates and fees not as high as they used to be.

Most lenders have similar low doc investment loan guidelines, aside from cash out restrictions. Generally, you'll need to have been in your current business for two years and you may not be allowed to borrow more than 80% of the property value with most lenders.

Lenders Mortgage Insurance (LMI) will be applicable if you're borrowing more than 60% of the property value.

It is also often believed that low doc lenders ignore your credit file but this isn't true. Actually, it's more important that you have a clean credit file and a perfect repayment history on your current debts.

As long as you can meet the above requirements as well as the standard lending policy of the bank you apply with, you're highly likely to get approved the first time around.

Our mortgage brokers specialise in low doc finance and can help you find and apply with the right lender. You can discuss your situation and loan needs with one of our credit specialists by calling 1300 889 743 or enquiring online.

Cheers,
Otto