Refinancing with no loan statements
Refinancing from one lender to another undergoes an assessment of affordability, and conduct of the existing loan facilities.
What does refinancing involve?
- When refinancing from one lender to another, a serviceability assessment is undertaken taken in order to ascertain the affordability of an applicant.
- In addition, the conduct of the loan being refinanced is also verified by looking at the last 3-6 months loan conduct. As a rule, a lender does not like to pick up loans conducted unsatisfactorily.
It is worth noting that a refinance of up to 75% of the value of the proposed property is permissible on a full doc basis as long as no more than three debts are being refinanced or consolidated with an Australian owned bank. These can include the home loan, plus two other debts. In this case, no statements of conduct need to be shown to the new incoming lender. Also, unlimited cash out is also permissible up to the max 75% LVR.
How do I qualify?
In order to qualify, clients must satisfy the following criteria:
- Be in the same employment and residence for a minimum of 2 years.
- Have clear credit
- Council and water rate notices must be paid up to date with no arrears.
In addition to this, for LVR between 75% to 80%:
- 3 months statements on loans are requested.
To discuss your eligibility, speak with our experienced advisors on 1300 65 66 00 or send us an online enquiry and we will contact you and explore all your options to help save you more money.