One of the greatest impacts of the dreaded Global Financial Crisis as far as lending in Australia is concerned were the huge changes that were introduced into the Low Doc loan market.

These changes meant that many borrowers with low doc loans were unable to even refinance their existing loans or even get cash out but we’re now starting to see some improvements in their area.

PLAN Lending have just announced that they will now look at refinancing of an existing low doc loan where the LVR is less than or equal to 60% but will also allow for part of this to be a cash out of up to $10,000 to cover reasonable refinancing costs. This is great news for anyone who may be in a higher interest rate loan because it introduces some opportunity for relief!

PLAN have also announced changes that will allow low doc lending where the purpose is to consolidate debts – once again providing the LVR is less than or equal to 60% which is once again potentially great news.

If you’re in the position where you think this could be of interest, then Contact Us for more information.

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