Looking for a secured no doc loan with property as collateral. Capple1@live.com.au
Hi Cameron, what you ask for is not possible and due to all the recent increased regulatory changes even less so. Even though you maybe aware of the risk, lenders would not be able to take the chance on giving you a loan as if you got in to trouble and they fore closed they would be concerned that you may sue for giving you a loan that was not satisfactory.
If you would like to talk to me about a lodoc loan I can assist. I will need an ABN number at least 12 months old (less is possible) and either 12 months bas statements, 12 months trading statements or a declaration of income from your accountant. 0407316648
With the limited information I have here I can say there are options that MAY be available for you - if so they are under extremely limited conditions. As has been highlighted earlier, regulation has clamped down hard on prudent lending and making reasonable enquires on your situation to protect everyone from a repeat of the situations that lead up the GFC.
To be fair I would need to know more about your situation before I advised if the products I am thinking may be eligible/ suitable for your situation.
Graham Doessel - CEO - MyCRA (Specialist Credit Repair) Lawyers (LPH)
Current Rating: 4.65 / 5
As Allan and Craig have alluded to, a 'no doc' mortgage is not something you'll see much of these days, though there may be an exception.
As previously stated, since the GFC and the later introduction of the NCCP, not to mention the ongoing additions of red tape, the only chances you'll have for a 'no doc' loan would be in an unregulated environment.
So, if the 'property' is one that is deemed to be residential or a residential investment property, you'll have to speak to a knowledgeable Mortgage Broker that works in the private funding for commercial properties area.
Be bloody careful!
Just because it 'can' be done, does not always mean it should be done.
Have a think about WHY you want/need a 'no doc' loan.
If it is a move to 'save' something, think long and hard as while I like a low doc and no doc loan scenario, too many people got into them for the wrong reasons, with the right intentions. This can make a bad situation worse.
Do some research, talk to the right people, take a hard look at why, then make an educated decision based on real data and logic.
Good luck :-)