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Sunday, 8-Sep-2013 18:58 Email | Share | | Bookmark
Low Taxpayer Risk With Low-doc Loans








Low doc loans





"Can't claim it is risk free, but we claim our approach minimises the exposure to taxpayer," Australian Office of Financial Management (AOFM) chief executive Rob Nicholl told a parliamentary committee in Canberra on Friday. Mr Nicholl said the AOFM had no sub-prime loans among the mortgages underpinning the residential mortgage-backed securities (RMBS) in its portfolios. low doc business loans NSW The parliamentary inquiry was examining the Australian banking sector in the aftermath of the global financial crisis. The collapse of the US sub-prime mortgage market in 2007 was the precursor to the global financial crisis. Mr Nicholls said the AOFM`s mortgages with at least 30-day arrears were just 1.1 per cent of its portfolio. He said this was less than that for full document and broader prime loans. The AOFM's investment in RMBS was $11.1 billion as at August 31, with the mortgage pools backing these investments being $25 billion, Mr Nicholls. Of these, less than two per cent, or just over $400 million, were low-documentation loans, a type of loan usually given to people who did not gain approval for mortgages from more traditional sources. <br>For the original version including any supplementary images or video, visit http://news.brisbanetimes.com.au/breaking-news-business/low-taxpayer-risk-with-lowdoc-loans-20120921-26bdg.html





Red Rock Mortgages Revises Low Doc Loans for Self Employed Persons





DENISE BRAILEY: Well that's the whole point of why we're saying it's so fraudulent, because low docs was supposed to be for two years self-employed, and here they're saying, "Yes, but ignore that. Sign up anyone, whether they're on a pension ,and get them an ABN number by going online and putting the number on the form." STEPHEN LONG: So, as long as they've had a business number for one day, ... DENISE BRAILEY: Yes. STEPHEN LONG: ... they can get those low doc loans supposedly for business people? DENISE BRAILEY: Yes and the bank would automatically approve it. KATE THOMPSON: How many genuine one-day self-employed people do you have? In eight years of finance broking, I only ever met one real person. STEPHEN LONG: On the Pacific Highway just south of Newcastle in New South Wales is the home of Michelle Matheson, a single mother of three. A few years ago, juggling bills, she contacted a local business that said it could help people manage their money. <br>For the original version including any supplementary images or video, visit http://www.abc.net.au/news/2012-08-14/australia-faces-its-sub-prime-mortgage-scandal/4196210









The company is now offering a total of 4 low doc loan products with Maximum Loan to Value (LVR) ratio from 60% to 85%. PRLog - May 31, 2013 - Its a well known fact that self employed people and others with not so clearly defined income streams have steady incomes and assets but theyre often unable to qualify for regular mortgage schemes. There are numerous finance mortgage companies offering low documentation loan products in Australia, but Red Rock Mortgages stands out from the crowd by offering products with least requirements. Since the company also offers other specialized loans, it has been able to use its expertise and resources to streamline many of its product lines including the low doc loan products. Even for an LVR of 80%, all that a borrower needs to produce is a self certification and accountants letter. With just 2 documents, a self employed person can thus borrow money for purchase or refinance. Its quick and does not take much time. On top of this, no mortgage insurance is required and the company even considers cash out in some cases. <br>For the original version including any supplementary images or video, visit content



Friday, 6-Sep-2013 10:47 Email | Share | | Bookmark
7 Things You Should Know About Low Doc Loans












2. Varied form of interest Although, low doc loans are much easily accessible than standard loans, borrowers might have to shell some extra money in the form of rate of interest. The rate of interest in increased because the risks of loan defaults involved is greater than in the case of normal mainstream loans from banks. The person should be discreet and far-sighted in impending upon the lender that not only offers advance at a lesser interest rate than others in the market, but also charges no supplementary collateral. 3. Require additional security The additional fact that should be kept in mind while accessing low doc loans is that they require extra security. The amount of collateral required as pledge is far more than in the regular cases and hence the aspirant should be well versed with fact in advance. 4. Enhanced features One of the best features of the low doc loan is that the borrower gains extended access to a range of loan features and options that were previously unheard of low doc business loans Adelaide or available for him in the market. Such loans could also be termed as a time and money savers for the informal and self-employed workers who find it hard to avail loans. <br>For the original version including any supplementary images or video, visit http://www.dynamicbusiness.com.au/finance-cash-flow/7-things-you-should-know-about-low-doc-loans-07052013.html





Low-doc loan market too juicy for the big banks





Macquarie Research estimates the market is worth up to $50 billion, or about 8 to 12 per cent of Australia's mortgage market. That's hard to ignore when the home loan market is slowing, business lending is becoming more competitive and banks are looking to diversify their earnings streams. Research shows a high number of self-employed borrowers live in the wealthier suburbs of Sydney and Melbourne." This week, National Australia Bank said it would start selling low-doc loans through its branches, after a stint selling them through its broking channel, HomeSide. Westpac is now pricing its low-doc loan products more competitively, and the regional banks are already there. Up to 30 per cent of Adelaide Bank's home loans are low-doc; Suncorp's is more than 10 per cent; while St George Bank's is less than 5 per cent. The majors are all at or less than 1 per cent. Macquarie Research estimates that NAB's entry into the low-doc market could deliver it additional profits of $37.5 million a year by 2007. The banks' push into the market is a marked turnaround from five years ago, when low-doc loans were dismissed as too risky. This allowed specialist lenders Liberty Financial and Bluestone Mortgages to build up dominant positions in a fast-growing and profitable market. Both these businesses are now considering a stockmarket listing or trade sale, following their success. <br>For the original version including any supplementary images or video, visit http://www.theage.com.au/news/Business/Lowdoc-loan-market-too-juicy-for-the-big-banks/2005/04/01/1112302233136.html



Wednesday, 4-Sep-2013 02:32 Email | Share | | Bookmark
Nmdc To Arrange Loan For Australian Unit












Had NMDC participated, it would have had to fork out A$1.25 million in its 49.6 per cent exploration subsidiary, a company source told Business Line. At the current conversion rate ( A1$ = Rs 58), participation in the rights issue would have meant an approximate outgo of Rs 7.25 crore. In a disclosure to the Australian Stock Exchange http://www.alivenotdead.com/commercial12/Everything-You-Need-To-Know-About-Commercial-Real-Estate-profile-2299379.html last week, the mineral resources exploration company said that NMDC had agreed to provide support to enable Legacy Iron to arrange loan facilities with its bankers of up to $3 million. Legacy Irons board dropped the rights issue plan and opted for the borrowing plan after NMDC expressed its unwillingness to participate in the proposed issue. The extended date of the issue expired on August 12. Legacy Iron said that the Board had resolved to cancel the rights offer due to the recent share market volatility. Proceeds from the rights offer were to be used for further exploration activities and development across Legacy Irons iron ore and coal exploration permits as well as other assets in Australia. In June, Legacy Iron had lodged a rights issue prospectus with the Australian market regulator and the stock exchange for a maximum fund raising of around A$2.49 million. This now stands withdrawn and the 3:4 rights issue has been cancelled. During the quarter to June 30, the company mopped up A$29,989 through the issue of new options. <br>For the original version including any supplementary images or video, visit http://www.thehindubusinessline.com/companies/nmdc-to-arrange-loan-for-australian-unit/article5049294.ece





Australian New Home Loans Grew Just A Pinch in October





Economists had forecast approvals to rise 3 per cent given the interest-rate reductions earlier made by the central bank in order to stimulate the Australian economy as well as advance the country's housing market. The development, according to Tom Kennedy, JP Morgan economist, would only mean that the Reserve Bank of Australia (RBA) needs to further slash the prevailing cash rate. "The data today just reaffirms that there are numerous headwinds out there," he said. "That's another reason that really supports further rate cuts." The RBA, at its December board meeting last week, had actually slashed the cash rate to three per cent. Must Read Kate Upton: How The Sports Illustrated Favorite Used Social Media To Become The Hottest Model of The Year [Photos/ Video] Sponsorship Link "This data is a lot more spotty than we had expected," Richard Gibbs, Macquarie chief economist, said, pointing out the figures implied potential homeowners' continued lack of confidence and fear. "While the value of lending commitments is up, the number of loans remains weak, reflecting a wider lack of consumer confidence in Australia." ABS reported the number of home loans approved for owner-occupiers jumped to 46,477, seasonally adjusted. Harley Dale, the Housing Industry Association's chief economist, said that in spite of the measly jump, the figures still translate to a modest improvement since mid-2012, although still weak to think that a home building recovery in Australia is underway. <br>For the original version including any supplementary images or video, visit http://au.ibtimes.com/articles/413179/20121210/rba-abs-home-loans.htm





Loan firm Wonga's CEO dismisses criticism as profit jumps





On Tuesday Errol Damelin, chief executive and founder of Wonga, described the challenge as "complimentary" and said he doubted it would have an impact on Wonga's business. "In the UK on the consumer side, we reject about two thirds of applicants we get. The market that the Church would be looking at, we think, is mostly the market for people who don't get accepted for Wonga loans," Damelin said. "One hasn't seen digital organisations anywhere else in the world being competed out by people who don't make it their core business," he added. Wonga reported net profit after tax of 62.5 million pounds ($97.3 million) in 2012, benefiting from a surge in applications. The market for so-called payday loans has grown rapidly in Britain and countries like the United States as benefit cuts squeeze poor households' budgets and banks cut back on credit in the aftermath of the 2008 financial crisis. <br>For the original version including any supplementary images or video, visit http://au.news.yahoo.com/thewest/business/a/-/world/18772495/loan-firm-wongas-ceo-dismisses-criticism-as-profit-jumps/



Sunday, 1-Sep-2013 18:26 Email | Share | | Bookmark
No-doc Loans May Be Coming Back








The Lowdown on Low-Doc Loans





You're entitled to view 10 free articles every 30 days, and you currently have (%remaining%) free articles remaining ((%remaining_reg%) before being asked to register and (%remaining_sub%) before being asked to subscribe). Then, if you enjoy our site and want full access, we'll ask you to purchase an affordable subscription. (%remaining%) Remaining Thanks for visiting SantaFeNewMexican.com. You're entitled to view 10 free articles every 30 days, and you currently have (%remaining%) free articles remaining ((%remaining_reg%) before being asked to register and (%remaining_sub%) before being asked to subscribe). Then, if you enjoy our site and want full access, we'll ask you to purchase an affordable subscription. (%remaining%) Remaining Thanks for visiting SantaFeNewMexican.com. You're entitled to view 10 free articles every 30 days, and you currently have (%remaining%) total free articles remaining ((%remaining_reg%) before being asked to register and (%remaining_sub%) before being asked to subscribe). <br>For the original version no doc loans for business Australia including any supplementary images or video, visit http://www.santafenewmexican.com/life/home/article_8caeb192-437d-591f-aa56-f0eb5e64fc3d.html





7 things you should know about low doc loans



Unlike in earlier periods, however, today's low-doc borrowers are much more likely to be people who could, but choose not to, document their income with W-2 forms or pay stubs. According to a comprehensive survey sponsored by Inside Mortgage Finance and conducted by Campbell Communications, 39 percent of all low-doc borrowers this year are salaried wage-earners, the same percentage as self-employed borrowers. Why do they prefer to go the low-doc route? Survey designer Geosegment Systems of Nashua, N.H., asked a representative national sample of 2,140 mortgage brokers active in the limited documentation field this question and came up with some eye-opening answers. While 63 percent of brokers said they knew their self-employed clients had "unreported income" that they wanted to keep off the record, 71 percent said their borrowers' applications were dependent on additional income "from a household member with poor credit." For example, say a married couple earns $10,000 a month, but one spouse had filed for bankruptcy or lost a house in a previous marriage. Most lenders would want to know about that in order to underwrite the new mortgage and charge an interest rate high enough to cover the added risk. <br>For the original version including any supplementary images or video, visit >http://www.washingtonpost.com/wp-dyn/content/article/2006/11/24/AR2006112400503.html/article/2006/11/24/AR2006112400503.html]content









Although, it requires some extended, if the services give you access to loans, its worth the extra effort. 2. Varied form of interest Although, low doc loans are much easily accessible than standard loans, borrowers might have to shell some extra money in the form of rate of interest. The rate of interest in increased because the risks of loan defaults involved is greater than in the case of normal mainstream loans from banks. The person should be discreet and far-sighted in impending upon the lender that not only offers advance at a lesser interest rate than others in the market, but also charges no supplementary collateral. 3. <br>For the original version including any supplementary images or video, visit http://www.dynamicbusiness.com.au/finance-cash-flow/7-things-you-should-know-about-low-doc-loans-07052013.html



Friday, 30-Aug-2013 10:12 Email | Share | | Bookmark
Low-doc loan market too juicy for the big banks








Aussie low doc loan defaults at record levels





Because low-doc loans are growing by 15 per cent a year and are typically more profitable than normal loans. Macquarie Research estimates the market is worth up to $50 billion, or about 8 to 12 per cent of Australia's mortgage market. That's hard to ignore when the home loan market is slowing, business lending is becoming more competitive and banks are looking to diversify their earnings streams. Research shows a high number of self-employed borrowers live in the wealthier suburbs of Sydney and Melbourne." This week, National Australia Bank said it would start selling low-doc loans through its branches, after a stint selling them through its broking channel, HomeSide. Westpac is now pricing its low-doc loan products more competitively, and the regional banks are already there. Up to 30 per cent of Adelaide Bank's home loans are low-doc; Suncorp's is more than 10 per cent; while St George Bank's is less than 5 per cent. The majors are all at or less than 1 per cent. Macquarie Research estimates that NAB's entry into the low-doc market could deliver it additional profits of $37.5 million a year by 2007. <br>For the original version including any supplementary images or video, visit http://www.theage.com.au/news/Business/Lowdoc-loan-market-too-juicy-for-the-big-banks/2005/04/01/1112302233136.html









But Moody's Investors Service noted that the overall level of defaults and personal bankruptcy was still relatively low, and that Australia's non-conforming loan sector does not resemble the troubled US sub-prime sector. Moody's online found that during the second quarter of calendar 2007, average non-conforming residential mortgage backed security delinquencies greater than 90 days past due rose to about 6.5 per cent, from 5.97 per cent in the 2006 first half and 4.63 in 2005. "Delinquency rates have trended upwards for the past 18 months as a result of rising interest rates, riskier trends in mortgage origination, and high levels of household indebtedness," Moody's analyst Ilya Serov said. She said the impact of a 25 basis point rise in the official cash rate to 6.5 per cent in August by the Reserve Bank of Australia was yet to play out. "There is a natural lag between rate rises and changes in borrower behaviour and, as such, we expect the negative performance trend to continue," Ms Serov said. However, she said record low unemployment was keeping overall delinquencies at historical lows. "Moreover, Moody's considers that despite some deterioration in performance, the Australian non-conforming sector remains distinct from the US sub-prime mortgage market," Ms Serov said. "While non-conforming loans are the nearest thing in Australia to sub-prime loans, it is evident that Australian borrowers are not experiencing the stress seen in the US." AAP <br>For the original version including any supplementary images or video, visit http://www.smh.com.au/news/business/aussie-low-doc-loan-defaults-at-record-levels/2007/08/27/1188067004811.html





Low taxpayer risk with low-doc loans





"Can't claim it is risk free, but we claim our approach minimises the exposure to taxpayer," Australian Office of Financial Management (AOFM) chief executive Rob Nicholl told a parliamentary committee in Canberra on Friday. Mr Nicholl said the AOFM had no sub-prime loans among the mortgages underpinning the residential mortgage-backed securities (RMBS) in its portfolios. The parliamentary inquiry was examining the Australian banking sector in the aftermath of the global financial crisis. The collapse of the US sub-prime mortgage market in 2007 was the precursor to the global financial crisis. Mr Nicholls said the AOFM`s mortgages with at least 30-day arrears were just 1.1 per cent of its portfolio. He said this was less than that for full document and broader prime loans. <br>For the original version including any supplementary images or video, visit http://news.brisbanetimes.com.au/breaking-news-business/low-taxpayer-risk-with-lowdoc-loans-20120921-26bdg.html



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