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Tuesday, 12-Nov-2013 02:31 Email | Share | Bookmark
Low Doc Loans

STEPHEN LONG: So you were a sole parent, three kids, $24,000 a year and you were told you could buy a home? MICHELLE MATHESON: That's correct, yeah. STEPHEN LONG: The loan application, which she only received recently, said Michelle was a self-employed professional and had grossly overstated her income. MICHELLE MATHESON: My income has been stated, not obviously by myself, but either by the broker or somebody at the bank - has been stated to be $75,000 per year. The previous year's income was $70,000. STEPHEN LONG: She named the house "Hope". The situation was hopeless. <br>For the original version including any supplementary images or video, visit

7 things you should know about 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. 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. Liberal senator David Bushby acknowledged the Labor government was right in boosting the RMBS market following the global financial crisis. Mr Nicholl said the AOFM had "some good stats" following Mr Bushby's comments that the AOFM had made money on RMBS products. <br>For the original version including any supplementary images or video, visit

Low taxpayer risk with low-doc loans

Considered to be loans that could change the future of a business, low doc loans have surely helped thousands of people around the world in realizing their dreams. These loans are not only hassle free in nature, but could be availed at levelheaded rates as compared to other financial products in the loan market at least under the present circumstances. 7 things one should know about low doc loans Low doc home loans or low documentation loans are particularly designed for the people that are unable to produce the obligatory documents that make it possible to avail conventional loans from the financial institutions.Therefore, anyone ranging from unemployed individuals to small scale businessmen can avail these loans during the times of need with minimum fuss. In order to avail these loans, a person is required to put forward an application with self-verification certificate without any obligation of property ownership and related affidavits. 1. Everyone is eligible Aspirants with impaired credit history or those with poor credit ratings can also avail these services. 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. <br>For the original version including any supplementary images or video, visit

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