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Monday, 23-Sep-2013 17:36 Email | Share | Bookmark
Low Doc Loans










DENISE BRAILEY, CONSUMER ACTIVISIT: Through a series of emails from banks to brokers instructing the brokers how to get their deals across the line, make the deal fit. They targeted older people, carers, people on parenting allowance, aged pensions. STEPHEN LONG: The evidence suggests that banks and other lenders tacitly encouraged mortgage brokers en masse to make up fictitious stories about customers so they could get loans and to falsify their income. KATE THOMPSON: I do not think there was a bank or non-bank lender that wasn't doing it. I - from my files alone, I am certain I could evidence every single bank. STEPHEN LONG: The allegations centre on low doc loans. They were initially designed for the self-employed and small business people, recognising that they can lack documents such as pay slips, group certificates and the certainty of income banks demand for conventional lending. But low docs became a free-for-all. <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





7 things you should know about low doc loans





Increased opportunities to earn credit At present, due to increase in competition in the lending market, majority of the big names in the lending business, including the banks now offer low doc loan services. small business loans Australia wide Earlier, only non banking financial institutions with limited presence used to offer these loans to the aspiring candidates. 6. Lucrative proposal Usually as seen the world over, low documentation loans cover up to 80% or more than three quarters of the residential property in case the candidate intends to acquire one for investment purpose in the days to come. The remaining 20% of the amount has to be infused by the person into the portfolio. This makes the proposal lucrative for the people intending to invest in some property and in need of urgent loans with minimum of paper work involved. 7. Beware of cheats With the boom in the low doc home loan market in recent years, many lenders with dubious credentials have mushroomed the world over and are claiming to provide loans at lower rates than credible institutions. This has resulted in numerous scandals. <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



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