I've a few questions regarding lo and no doc loans.

1. The first relates to the self declared income on a lo doc loan. Is this amount declared cross referenced with ATO's records in any way?
   
2. What minimum level of income would be required to refinance to the tune of $600k + $100k LOC on a property valued at $1.2M. My friend would like to declare as little as possible on their declared income statement...
   
3. The third is in regard to No Doc loans (house/LOC) on a PPOR. Do they exist? What if one were to want a "No Doc" loan in order to refinance and then rent out their PPOR in a years time? Would that qualify for a "No Doc"?
   
4. Do No Docs even exist anymore?

Looking forward to your thoughts...

Just wondering how I can find out if money deposited in Citibank in Australia is covered by the guarantees.

Switching bank accounts - Australian Securities and Investments Commission

I realise that this is a little off the investing topic however i thought i may be able to get some suggestions from all you knowledgable people!

My partner and i are going to buy another car. (2 cars down to 1 only). We are both employed full time. I earn $38,000 + super per year and my partner $58,000. I am wondering what options we have in the way of finance? I have heard a bit about leasing, and thinking this may be the way to go?! Or do we just get an old car and get another when it dies? Please help!

Thanks,
Kate

Hi guys... was wondering if anyone could shed some light into this...

ive read that commonwealth bank have just agree to buy bank west... with rudd assuring that australian banks will be safe... does this apply to bank west?? will commonwealth bank back up bank west with all they got??

cheers guys...

Hi all, I invested into some agri products during the 'good' times.

Benefits were great. Massive tax deductions & all my tax paid refunded. I re-invested the tax refund in a managed fund which is now down more than 50%. :eek:

The downside is I ended up with a lot of debt.

Loan terms is 10 years with first 3 been interest only. First of the principal will kick in July 1, 2009.

Now that I have materialised some unit losses and all our IP's are pretty much maxed out I am finding myself losing much sleep.

I have tried contacting a few banks to see if the are able to re-finance agribusiness loans however can't seem to find anyone in this business.

My only hope now is that the property market in the Eastern Suburbs in Sydney comes back by July. At the moment there are fire sales everywhere.

Any suggestions or creative ideas on how to re-finance are welcome.