Weekly Kaths Credit Crunch 26th August

🌟Think Tank Residential Full Doc & Mid Doc Increase Loan Sizes
• Loan size: up to $5M*
• Residential SMSF -Loan size: up to $5M*
🌟Bluestone
• Defence Force Housing is acceptable even on SMSF!
• No High Density Rules - Total Living Area required 40sqm or more

🌟BREAKING NEWS! 💣Could this be the end to low doc loans??
Starting in February next year, banks will no longer be able to request that accountants certify a small business client’s ability to repay a loan. This change could fundamentally alter the landscape for Lo Doc loans in Australia. What are some options?? Mortgage Ezy -  Alt Doc Lite. All they need is the last year's draft financial statements—no need for them to be lodged with the ATO, just prepared by your accountant.

🌟My State Bank - Parental Guarantee being removed. From August 26th 2024, loan applications with a parental guarantor will no longer be accepted.

📚Tomorrow register for coffee and credit FREE webinar – deep dive parental guarantee loans family pledge. Register HERE

📢OTHER NEWS
• BOQ – pausing all new to bank loans introduced by brokers as of 31st August.
• Broker population - all time high with a record of 19,872🚀(MFAA Stats)

📢What's coming to The Brokers' Bible?
• Onboarding Bendigo Broker this week.

Keeping you in the know, a mortgage brokers' BFF👋