How Long & How Much - (Low Doc Funds)

Fees
Like most lenders we have to pay government transaction taxes (0.0006% of the loan advance), titles office fees ($65.00 per dealing - which includes GST), stamp duty - if applicable (stamp duty if re-financing a business or investment loan is no longer payable) together with the usual valuation, establishment (if any) and legal fees all of which are listed in a written indicative offer/quotation provide upon request - just email the Loan Inquiry Form for a full written indicative offer/quotation which includes: confirmation of amount, rate and term, applicable fees and application forms. Whilst all low-doc loans must be mortgage insured it is usually the lender that pays this insurance.

* Please note GST applies to all legal, valuation, brokerage and Government fees

Up-front Fees
Establishment fees (if applicable) are only paid if the loan settles and the only fees required prior to settlement is a loan application/approval fee (required with the application but fully refunded if the loan is not approved - these vary depending upon the proposal and amount intended to be borrowed) and some monies paid to the lender to cover the cost of valuing the security property - all other costs are deducted at settlement - a full listing of which is sent with mortgage documents to your solicitor for checking.

Approval procedure
As long as you do not want an advance that exceeds either $750,000 against a single property or 80% of it's valuation, you have a clean credit record and if refinancing you have conducted your current loan in a satisfactory manner your mortgage loan is basically approved!

How Long?
Written approvals are usually available within 48 hours of providing a completed application and whilst loans can be settled in shorter periods the usual timing is:

First week - application, approval & valuation,

Second week - title searches, mortgage documentation,

Third or fourth week - settlement.

Documentation
Low-Doc lenders use standard mortgage documentation as used by banks and building societies etc. and these are always sent to your solicitor for checking prior to you signing.