General Finance Releases No Financials Home Loan
18 October 2006
General Finance Releases No Financials Home Loan to 85% LVR
General Finance Limited announced today an extension of its popular No Financials Home Loan or Low Documentation Loan (Lo Doc) to include loan to value ratios of up to 85%. This is a significant enhancement to its existing No Financials product.
Previously under the No Financials Home Loan category the maximum LVR was 80%.
The Low Documentation Fee (LDF) payable on these loans has been held, with the premium on the 80-85% band being the same as on the 70-80% band. The Low Documentation Fee can be capitalised above 85% if required.
“The market has been requesting this product, for some time now,” Mr Lockie said, “and we are pleased to be able to accommodate higher loan to value ratios”.
In addition, the lending limit has been increased to $1 million per property with a maximum client exposure of $2.5 million.
The ability to include some PAYE earners within this product is an added bonus.
General Finance Limited is a home loan company specialising in residential and residential investment lending, and writes a significant portion of its loans as No Financials for self employed borrowers.