We have provided a brief list of commonly asked questions about the 82% low doc home loan for your information and reference. We invite you to browse through this information and if there any other questions you come up with please just contact us and we will help in any way we can.
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Why do I have to pay mortgage insurance on a loan which is only at 82% LVR? |
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This is because the majority of lenders apply a mortgage insurance charge for loans which are above 60% LVR. Having said that the charge for mortgage insurance is minimal given the overall low LVR. |
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Can I add the mortgage insurance into the loan above the maximum LVR? |
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You are unable to add the mortgage insurance on top of 82% as this is the ceiling for the 82% low doc home loan. |
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I'm borrowing 82% which is more than the traditional 80% low doc home loan, does this mean I'm paying more on interest rates? |
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The interest rates for the 82% low doc home loan are in line with the lenders full doc home loan products so you are not disadvantaged by selecting a low doc home loan to 82%. |
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Are there limited features with the 82% low doc home loan? |
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The features of the 82% low doc do not vary from the full doc product suite so again the choice you have on features is the same as you would have with a full doc home loan from this lender. |
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Because this is a low doc home loan do I need to provide any financial statements? |
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If you are purchasing a property you do not have to provide statements as such although if you are consolidating debt or refinancing an existing home loan you will need to supply statements so the lender can see a record of good conduct of loan repayments. |
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I want to purchase vacant land, can I use the 82% low doc home loan for this? |
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Yes you can purchase vacant land using the 82% low doc home loan. |
We have touched on some of the commonly asked question about the 82% low doc home loan but if you have any more questions to ask please contact us and allow one of our consultants to assist. You can also arrange an appointment and a low doc home loan consultant will come out to see you at a time that suits.
