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Lo / No Doc ATO, self declared amount

Discussion in 'Finance & Banking' started by Wuldfasche, 18th Nov, 2008.

  1. Wuldfasche

    Wuldfasche Member

    Joined:
    29th Mar, 2008
    Posts:
    7
    Location:
    Melbourne
    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...
     
    Last edited by a moderator: 20th Nov, 2008
  2. GavinC

    GavinC Active Member

    Joined:
    11th Apr, 2007
    Posts:
    27
    Location:
    London
    Have you asked a mortgage broker? Why would 1) bother you anyway, unless you were defrauding taxpayers?