No Tax Returns RESI Investment Loan
RESI Home Loans has launched a new low cost loan facility designed especially for self employed borrowers that doesn’t require applicants to provide tax returns.
The RESI Business Pack has a interest rate of 6.99% and can be used to finance the purchase of investment properties, refinance existing business facilities or be utilised for any business purpose. The loan can be taken as a split facility and offers full redraw and capped reduction benefits. The maximum borrowing per security is $300,000 and the loan has a maximum loan to valuation ratio of 76%. It is structured over 25 years and must be secured against residential property. Upfront fees include an application fee of 0.5% of the loan amount plus valuation and legal fees.
According to RESI managing director, Mr Peter James, “many self employed people may be asset rich but their tax returns may not reflect their true financial position…..yet many cannot take advantage of low interest rates because approval conditions stipulate they must provide tax returns.”