"the continue after sales service is truly unexpected "

We would just like to write a quick letter to let you know how happy we are with the service that John Fisher has provided us. We have refinanced our home loan a number of times with Mr Fisher and on all occasions the knowledge and integrity he shows is up to the most professional standard you would desire. The way he handled our loans so fast and got the results that we required we were over the moon every time. Once more the continue after sales service is truly unexpected but very appreciated. He keeps us informed with whats going on in the market and we would recommened Mr Fisher to anyone who is looking for a new loan without hesitation. We sure will be using him again we need no one else to handle our home loan affairs ever again. Jamie & Shondel Dapto, NSW

"over the line in the appropriate time frame was crucial"

I am writing to say a huge thank you on behalf of myself and my brother Paul for handling our home loan for us. As it was our first time obtaining a loan your product knowledge and honesty with regard to all the different loans available was something we would have been lost without. We know the timing was tight and your ability to get everything over the line in the appropriate time frame was crucial. I would have no hesitation in recommending your services to any future prospects. Greg and Paul Lugarno, NSW

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• 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 three 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?  The lender will do a credit check to ensure that applicants have not defaulted on any bills within the last 5 years.

Low Documentation (Lo Doc) Loans
A Low Doc loan is riskier than a Full Doc loan and therefore incurs a slightly higher interest rate.  In remote areas of Australia Low Doc loans are often not available. 

The requirements of a Low Doc loan are similar to a Full Doc loan with a couple of exceptions which arise out of the fact that the burden of written proof of the income earned is not required.

• The maximum that can be borrowed is 80% of the value of the property.   
• As the loan is not insured there will be no mortgage insurance.
• The borrower has had to be self employed and held an Australian Business Number (ABN) for a minimum of two years.
• A declaration is signed by all of the applicants stating their income and that they can make the repayments without hardship.

No Documentation (No Doc) Loans
This loan carries the most risk for the lender, therefore is more expensive and less available in remote areas of Australia.  A No Doc loan is basically an asset lend.  If the borrower cannot make the repayments the property used as security is sold and the proceeds are used to repay the loan.

The lender still needs to know that the property to be used as security is maintained well; is in an area where a quick sale can be made and that the value will not diminish over the next three year.

Proof of income, assets and liabilities is not required by the lender and should not be declared.

There are other requirements that are different to a Low Doc loan:

• The maximum that can be borrowed is 70% of the value of the property.
• Mortgage insurance is not payable.
• The borrower has to be self employed for at least one day and has to have held an ABN for at least one day.
• The loan will be for investment purposes only and therefore not subject to the Uniform Credit Code of Conduct.

This information is very general as all lenders have differing policies and products.