Category Archives: Latest News

Know What Is On Your Credit File Australia

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All too often people come to us for a low doc mortgage or conventional home loan without knowing if their credit file is clean or not. With the help of technology this is no longer an excuse not to know what’s happening to your file right now. By checking out the site My Credit File www.mycreditfile.com.au you can get a copy of your file emailed directly to your inbox.

You can expect your credit file to show any credit applications you have made in the last five years. It will also show if you have any defaults for payments not made as well as any court judgments that may be listed as well as company directorships and in the worst of cases if you are declared bankrupt. Veda Advantage is Australia’s main reporting agency where they keep a check of your file and try to keep it in order.

To get a copy of your file you will need to provide Veda with your full name, current address, your previous address, DOB and employer. By knowing what’s on your credit file you could save yourself a lot of heartache if you are applying for a mortgage in case there is something there that may have been listed as a mistake or in the worst of scenarios a mobile phone bill that didn’t get paid in time. Something as small as that can dramatically determine the outcome of your application. Also knowing your file minimises the chances of you becoming a victim of credit fraud.

Rejected By The Banks With An Unconditional Contract?

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One way the team at Low Doc Mortgages operates with such enthusiasm and dedication is to combine our lending experience of over 50 years to try and solve even the most difficult of situations. Ask yourself what would your current bank manager be able to do if the above scenario happened to you?

Mortgage brokers are filled with passion to go the extra mile for their clients.

What you want to know is that you’re dealing with the most knowledgeable team. Situations can now happen that could put a deep hole in your pocket if you aren’t able to think of alternatives for home loan lending very quickly.

If you the client was of the belief that with your excellent long term track record, that there was no reason as to why the Bank wouldn’t approve the purchase of a new investment house. However you were in disbelief when the bank sent you a decline letter even with the support of the branch manager. You are aware of your obligations of an unconditional purchase contract and are aware that you may lose your deposit and have to pay the difference between what you contracted to purchase the property for and how much the real estate agent could resell the property in the event of default.

What if you only had 6 days to settle…….????????

Solution from the team at Low Doc Mortgages.

You seek to rent out the property, the income from the rental agreement and confirmation of the rent by a panel valuer allowed our brokers to consider this home loan purchase on a stand alone self servicing mortgage, and allowed you to settle without need for extensions. Enquiry today to see how we can help with your lending needs.

Is your Bank Touching You? Time for an Infinity Mortgage

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No one likes to be touched by a bank. What a sinister thought. Therefore we couldn’t help but write about some comments from ANZ yesterday. ANZ’s head of intelligent conversation suggested the link between interest rates set by the RBA and rates set by the big 4 banks is a myth that needs to be busted.

We’re lead to believe that since the GFC, the cost of funds for banks had gone up and the interest rate set by the RBA had become disconnected from the big four banks’ funding costs.

So we are told that there is no automatic link to the overnight cost of funds and the bank interest rate and the RBA.

The quote below is very interesting as it’s always been the RBA to blame therefore why should we think this hasn’t been going on for years.

This individual is on record saying.” I think the banks let this persist because it was convenient for them”

‘It saves having to explain why mortgage rates are going up and down when there was an easy scapegoat to be had by always blaming the RBA.’’
Perfect for the banks isn’t it? Hmmm why should I have a pay cut and a piece of reality when we can blame the RBA?

Also according to ANZ’s head of intelligent conversation a banking myth that needs to be busted is that the higher cost of funding was caused by offshore funding markets

He commented the problem of banks interest rate gouging is their customer deposits, for which the banks have to pay more interest on. Who would have thought a banker now changing his story on what we’ve been told for the last 4 years. What a banker he is indeed….

He also went on to defend the fat cat payments they receive as bank executives as he was mystified why bankers weren’t treated as rock stars.

Oh dear me, if I had an ANZ home loan today I’d be on the phone to my broker here at Low Doc Mortgages telling him “I’m over this recorded message” and I’d like a loan that puts me in charge of my own destiny like an Infinity Mortgage rather than an ugly rock star in a suit taking charge over my house.

RBA Leaves Interest Rates On Hold – News Update – 03/04/12

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Keeping interest rates on hold at 4.25 per cent the Reserve Bank has ignored some growing concerns about job losses and a downturn in the non-mining economy, keeping interest rates on hold .

Editors at Money Pages believe individual bank rates will continue to be volatile while the banks claim funding conditions remain fragile upon the European Union‘s austerity measures and higher costs of funding with frequent movements from lenders.

Friday the 13th will see ANZ review their rates independently and we will most likely see the other majors CBA, NAB and Westpac wait for ANZ’s announcement.

Click Here To Learn More About How Interest Rates Effect Low Doc Mortgages

Low Doc Mortgage Guide and Rates

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Never has there been a more exciting time in low doc lending since the GFC than right now. Here at Loc Doc Mortgages our experienced and trusted brokers understand that every borrower and every loan we settle is unique to you. We are able to provide a wide range of lending solutions to suit a large spectrum of lending needs. Our brokers can help guide you through the products on the market that are just as exciting even if you are a first time lender or someone who sees “opportunity” when it knocks. With over 50 years experience in the finance market we offer products from lenders Australia wide who are seeing a huge change in lending criteria on residential property, commercial, and rural residential.

Some analysts would say that the Reserve Bank of Australia no longer has influence on what the big four charge regarding interest rates. We believe here at Low Doc Mortgages that doesn’t need to be the situation and some of the fixed rates on offer from lenders on our panel that you may not have access to except if you use a broker will thrill our prospective clients. We look forward to opening up a huge opportunity for those that are self employed and need to either buy a property or refinance and have been told “No” for the last four years. Don’t delay let us help you secure a better low doc home loan rate or your first low doc mortgage with the best rate for your situation. We look forward to being able to serve you with our dedication and commitment that we have for low doc lending Enquire Now.