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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

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

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

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