Just in the last few days, quite a few significant changes have been announced simultaneously from different lenders.  If you hold one or more low-doc loans, or thinking about purchasing another property using a low-doc loan, you need to know the following:

• It is getting very difficult, if not impossible, to refinance a low-doc loan at 80%LVR.
• It is very difficult, and almost impossible for some lenders, to get finance for low-doc loans if you hold the property in a company or a trust.
• For most lenders, low-doc income needs to be backed by your last 6-12 months of BAS statement.
• Low-doc loans at 80%LVR are still available for purchasing a property, but it’s getting extremely difficult for refinance.
• Low-doc loans will be sitting at 60%LVR for a while, though it is possible to be discontinued entirely in the near future.
• There are many other small changes that may or may not affect you personally.

These changes didn’t come as a surprise to our team.  If you have attended a 2 Day Advanced Finance and Property Mastermind seminar in the last 12 months, you’ll know we have been predicting this will happen based on sub-prime fall out, and its effect on the Australian economy.

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