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Full Doc loan requires written evidence to prove that
the security is good; the borrower’s income and their
stability is good. This all helps to indicate that the
risk of lending the funds is minimal. These loans carry
less risk for lenders and tend to be marginally cheaper
than other types of loans.
There
are areas in Australia where it is difficult to arrange
a loan for a property due to the inability of the lenders
to achieve a quick sale in the event of a default with
the loan repayment. Often the Full Doc loan is the only
type available in these areas.
When
a lender considers whether to loan money to a borrower
they look at:
- Is the
security offered well maintained and in an area that
would ensure a quick sale if required?
- Is it
worth what it is being offered at? What is the likelihood
of the value diminishing over the next 3 years?
- Can the borrower repay the loan, any other debts and
living expenses without undue hardship?
- Is their
source of income likely to continue?
- Are the borrowers stable in their work habits and
repayment histories?
AFM
will do a credit check to ensure that applicants have
not defaulted on any bills within the last 5 years.
We have access to over 700 loan products from Basic
Home Loans to Professional Packages.
Once
you have chosen which loan to go with, your assigned
and dedicated mortgage broker will then assist you through
the whole loan application to loan approval and settlement
process, plus, your broker will continue to be there
for you in the future when you need further finance,
property and loan related advice or assistance.
Contact
us today for a free consultation.
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