THE NON CONFORMING & LO DOC
WE HELP YOU OBTAIN FUNDING WHERE OTHERS SAY NO OR TOO HARD
ACCESS PRIME INTEREST RATES FROM MAJOR BANKS OR PRIVATE LENDERS
WE DO WHAT OTHERS CAN'T OR WONT
Lo doc solutions
Give us a call if someone has rejected your loan or you fear being slugged with high interest rates to punish you for being a non conforming borrower. Let us do the legwork to find a solution to your non conforming mortgage needs.
We don’t just secure a mortgage for you, we show you the strategies you need to build your credit rating to enable you to have access to more traditional funding that may save you money in interest. This allows you to use a non conforming solution as a shorter term strategy with the intention of refinancing later to perhaps a better rate or higher loan to value ratio if you wish to use your property equity for investment purposes.
Revive Mortgages can provide finance to assist the purchase of property or those wishing to refinance existing property loans.
We have access to major banks, credit unions, institutional lenders and also non conforming lenders. We provide a service that can assess your circumstances and then find a potential lender or lenders from our panel. We then provide a credit quote for you to assess your options before preparing your loan submission to the chosen lender.
We can help with:
Full Doc loan. A full doc loan in Australia is one in which a borrower, to secure the best interest rate, is able to disclose all documentation to prove income and substantiate assets and liabilities. Whilst each lender may have differing requirements a full doc loan may include the requirement that a borrower can substantiate income with provision of pay slips in the correct format showing not only this periods earnings and tax deductions but also YTD figures. Self employed applicants will require 2 years of financial tax returns to prove serviceability of the proposed loan facility. A professional broker can show to the bank that income available to service the debt is available when depreciation and other add backs are added to the net income indicated in the tax returns. A requirement will will a full disclosure of assets and liabilities and statements will be requested for any facilities being refinanced.
We can also assist loan applicants who may not suit particular banks requirements. If you have credit issues, non genuine savings, irregular loan history, require cash out or cannot show income by payslips or tax returns then we can assist.
When you’re bank has said no let us see what solutions can be offered. All loans are considered as Prime loans to attempt to secure the best interest rates for you. If it doesn’t service we can consider a near prime loan. If that is not possible then other non conforming finance loan products could offer a solution. Give us a call and let us see what we can do for you.
Revive Mortgages can secure funding for applicants purchasing or refinancing different types of commercial properties. We can secure set and forget loan facilities that do not require re valuations or annual reviews for certain loan amounts.
We also have lenders who lend for commercial investment properties using lease income to assist servicing.
Fully verified traditional commercial loan products and also lo doc finance is available to selected applicants. Again we are non conforming finance specialists so whether you have tax returns and plenty of equity or if you have credit defaults you still may have options for a finance solution. Let us try for you for any of your commercial property needs, even specialised properties such as services stations, child care centres, farms, blocks of flats can find a home subject to lenders requirements.
Revive Mortgages can assist you find a car, boat, caravan, motorbike or equipment then assist secure you finance for it. Whether you need a personal loan, lease, hire purchase or a novated lease Revive can assist you. We can organise weekly, fortnightly or monthly repayments.
- Our contacts can assist source the car you want from dealers nationwide.
- You test drive the car of your choice knowing that a discount has been secured.
- The finance application is then submitted and a finance quote provided to you.
- You pick up your car and enjoy your discount.
- Don’t just let us organise a car loan, let us help you save on your dream car.
Types of loan facilities include:
A novated lease is where an employer pays out of an employees pre-tax salary the monthly payment for the car including vehicle maintenance, annual registration, petrol etc. Basically with a notated lease the employee is given a car by the employer and all costs associated with it are taken care of in the monthly payment. Because it is deducted from pre tax salary it can be tax effective depending on an employees circumstances.
Hire purchase is a loan facility where a deposit is paid and the car is then paid off over a chosen term in equal payments. The car is not owned until the last payment is made.
Balloon payments is the ability to reduce the repayment amounts by choosing to pay one lump sum amount (balloon) at the end of the loan period.
THE BENEFITS OF OUR ASSITANCE
OUR MISSION STATEMENT
WHAT OUR CLIENTS THINK
FREQUENTLY ASKED QUESTIONS
We provide you with our experience, free for most lender products. We take care of researching many different lenders for you and we provide our services all around Australia. We are members of the Finance Brokers Association of Australia and are registered with ASIC as a Credit Representative.
There are different types of loans that can be assisted with.
Non conforming, Low doc or Prime loans.
Prime is simply a typical home loan applicant who may have PAYG earnings or are self employed for two years applicant. These types of loans can be prepared and submitted to major banks or credit unions and are offered the lowest interest rates or benefit from professional packages.
Non conforming are really anyone who, for one reason or another, has issues with being approved by a traditional lender. You may be self employed and not have two years of tax returns, have blemishes or defaults on your credit report, require to pay out creditors including ATO, are a new resident to Australia and don’t have employment or credit history. There are many reasons you may be a non conforming applicant but the good news is that we understand how to package these types of loans and submit them to a lender. We have access to many institutional lenders and also private funders who specialise in providing loan solutions to non conforming applicants.
Whilst it can take from between 4-6 weeks to settle on a residential property purchase or refinance, some lenders can provide an indicative offer within as short as an hour of submission of loan requirement. This may be subject to a valuation and assessment & verification of required supporting documents but it still can provide a pretty accurate indication of the lender scenario that can benefit you. More difficult scenarios may require extra time to assess. We are responsible for packaging the required documents for submission to the lender so we make sure we submit to the appropriate lender for your circumstances. Other things like requiring mortgage insurer approval, borrowing through a trust or super fund, being a non resident borrowing more than $2,000,000 or borrowing with a guarantor can all potentially add time to obtain approval or settle your facility, but we handle the process for you.
Whilst we submit loan online to many of our lenders there is a still a requirement for you to sign acceptances of certain documents or to provide original copies of identification documents such as drivers license or passport. Each lender have their own forms required and we will ask you for the required documents to submit to the lender.
Each lender may use different loan calculators to determine your borrowing capacity. Loan to valuation ratio (LVR) is also important to consider because if your borrowing exceeds 80% LVR then Lenders will usually require as a condition of approval that you pay for Lenders Mortgage Insurance (LMI). LMI is calculated as a percentage of insurers risk, so it can add many thousands of dollars onto your loan balance. Some lenders will lend this fee on top of what you qualify to borrow others will take this off the amount you’re approved for. Either way you’re paying it back so it’s a wise strategy to avoid LMI if possible.
Lenders will also want to ensure that you do not take on more borrowings than you can afford. There are responsible lending constraints that require brokers and lenders to ensure that accurate living expenses are taken into consideration when assessing your capacity to borrow to ensure you do not suffer from mortgage stress.
It’s important then to consider not only your personal funds available and what a lender can lend to you, but also all cost’s associated with your loan such as Government stamp duty and registration fees. The lender is required to remit government money to the appropriate Revenue office so its important to factor these costs into any property purchase decision?
It’s important to understand that what you have been approved for previously does not mean that you can qualify to be loaned again. Many lenders have changed the way they assess your serviceability to determine your borrowing capacity. This has led to the unique situation whereby applicants trying to refinance to a lower interest rate cannot do so because “they can’t afford it”. Revive Mortgages has can assess your loan requirements and then access different types of lenders to enable you to potentially save money on your mortgage.
Why not be as loyal to them as they are to you. We have had customers where we have been able to have their interest rate lowered by us talking to their bank. No refinance needed. The banks operate on profit margins – the difference between what they can access money at and what they lend it out at. They categorise customers so you may find that to attract new customers they will offer a low introductory rate that will then increase after a period. Customers who have been “loyal” for a number of years may not qualify for these lower sweetener rates. To access lower interest rates you, or a qualified broker, will need to check a range of lenders all with their different loan products. There are potentially hundreds of different loans in the market. Let us help you find a better rate to save.
Some borrowers think it may be too troublesome to take an hour or discussing potential savings with a professional broker. What if you were to be paid over a $100,000 for those hours? That is the potential savings you are missing out if you are loyal to the wrong lender compared to the rates that are offered by lower priced competitors. Is it worth finding out if we can save you?
YOUR NEXT STEP
If you’re ready to see what your mortgage options are then lets organise to talk, initially by phone, to discuss your situation. The only thing you have to lose is your worry. Let us listen to your situation and develop some options for your consideration.
After our research we will provide you with a free report outlining our recommendation that suits your needs and also discloses to you all the costs, fees and interest rate – all done prior to you having to decide if you wish to proceed or not.Effectively we give you a report in writing where we can assist.