Am interested in refinancing my PPOR loan, mainly to save on the annual fee.
Currently with Westpac Premier Advantage IO. Loan Amount of 260k.
Property value about 500k (probably less due to market downturn in Melb).
Am self employed with income on the lower side. 2018 was 58k, but 2017 only 12k.
Are there any easy to apply for loans for self employed (ie lo doc)? Mainly looking for one with no annual fees or establishment fees, offset, and IO.
with the current IO offerings , don't think you'll save much
Ur paying $395 in annual fees right. When does your IO revert to P&I?
The other prime lender that looks at 1 yr financials also has $395 in annual fees, so no savings there. Other low doc lenders will mitigate risk through higher interest, so again, no savings there.
You will be stuck with the loan if you can't improve your income, and also ensure you minimise your expenses before you start any application processes.
Might also be prudent to consider paying down the loan asap or selling if you feel U may struggle.
Did you ask Westpac what they can offer? Staying with them would probably be the "lowest doc" possible.
Just ring them, tell them you need to reduce the fees and don't need the frills, and ask them what other loan packages they can offer.