Commercial Loans | Lo-Doc Get latest price

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Commercial mortgages are very simple to organise, LVRs can go up to 75% without financials for lo doc loans and no-doc loans to 55-60%.

Residential loans have different requirements due to the new National Credit Consumer Policy which came into force on 1 July 2010. This policy is enforced by ASIC.

Apart from unifying the Act Australia wide, the major change is how lenders are to view residential loans. Prior to 30 June 2010, if the purpose of the loan was for investment or business purposes it did not come under the Act. From 1 July 2010 if you purchase or renovate a residential property and you require a loan to do so, this will now come under the Act.

ASIC says, the purpose of the loan is the prime focus of the Act and not the security offered. If the borrower is an individual and requires the money for that purpose they must be able to prove to the lender (with up to date financials and tax information) that they can afford to repay the loan.

If the borrower is a company and the purchase of the residential property is in a company name that remains outside of the Act.

Under the Act, accredited mortgage brokers and lenders are the only ones who can advise you on your individual lending proposal. Unless licensed, solicitors and accountants will now need to refer you to a lender or a licensed mortgage broker for lending advice.

"AAA" is a licensed Credit Advisor under the Act. License Number: 364295.

Don't hesitate to contact us for more information or a quote.

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To contact AAA Mortgages about Commercial Loans | Lo-Doc use Get a quote.