PURPOSE

Owner occupied or investment residential property purchases, refinancing an existing residential loan

LOAN SIZE

$50,000 up to $2,500,000 (Minimum amount per loan account $10,000)
Maximum loan per security $1 million

TERM

10, 15, 20, 25 & 30 years

REPAYMENTS

Principal and interest (variable rate) OR interest only for 1,2,3,5 or 10 years

FREQUENCY

Instalments can be made weekly, fortnightly or monthly (after initial monthly payment is deducted).  Extra payments on variable loans can be made at anytime.

INTEREST

Interest is calculated daily on the outstanding loan account balance and debited to the loan account monthly (in arrears) on each repayment date (the monthly anniversary of the loan settlement date).

CONVERT TO FIXED RATE

All or part of the loan can be converted to a fixed rate loan at any time at no cost.

SPLIT FACILITY

You can have up to 4 separate loans under the one facility

RE-DRAW

Available at no fee from cleared funds next day (ie midnight tonight) if requested on a business day before noon
Access options include redraw form, Loan Service Line (telephone banking), and Loan Service Net (internet banking)
Minimum transaction size is $50

MAXIMUM WHICH CAN BE LENT ON VALUE OF PROPERTY

• 95% for all loans over $50,000 but under $600,000
• 90% for all loans over $600,001 but under $700,000
• 85% for all loans over $700,001 but under $850,000
• 80% for all loans over $850,001 but under $2,500,000

FEES
Application fee
Legal fees and disbursements

• No monthly administration fees or early repayment fees for variable rate loans
• Application fee from $500, payable on application
• You will have to pay costs associated with your own legal fees and disbursements

OTHER CONDITIONS

• All repayments must be made by electronic direct debt
• Lenders Mortgage Insurance is required for all loans.  The premium is payable by the borrower only if the amount borrowed is greater than 80% of the value of the property
• Lenders Mortgage Insurance is payable by the borrower if the loan is $50,000 or less or if the total borrowing is under a Line of Credit facility
• If the loan is a Jumbo Loan ($500,000 to $1,000,000), and repaid in full within three years from the Settlement Date, an Early Repayment Fee of $1,000 is payable
• If the loan is paid in full within three years from the Settlement Date, an Early Discharge Fee of $500 is payable.

For fixed rate loans, where any early payments are received or the interest rate is switched to a variable rate, breakcosts (any loss or opportunity cost incurred by the lender) may be payable.

PURPOSE

This facility is similar to an overdraft facility or credit card account, except that both principal and interest are paid off over time in regular instalments.

LOAN SIZE

$30,000 up to $850,000

TERM

30 years only

REPAYMENTS

Interest only for first 10 years (called the Revolving Credit Period)
Principal and interest for remainder of loan term

FREQUENCY

Weekly, fortnightly or monthly repayments can be made as long as the full monthly repayment is received by the 2nd working day of the month.

INTEREST

Interest is calculated daily on the outstanding loan account balance and debited to the loan account monthly (in arrears) on each repayment date (the 15th day of each month)

CONVERT TO FIXED RATE

At the end of the Revolving Credit Period, all or part of the loan can be converted to a fixed rate loan.

SPLIT FACILITY

You can have up to 4 separate loans under the one facility.

WITHDRAWALS

Available at no fee from cleared funds next day (ie midnight tonight) if requested on a business day before noon
Access options include redraw form, Loan Service Line (telephone banking), and Loan Service Net (internet banking)
Minimum transaction size is $50

MAXIMUM WHICH CAN BE LENT ON VALUE OF PROPERTY

For stand alone LOC
95% $30,000 to $600,000
Otherwise
90%  $30,000 to $750,000
85%  $750,001 to $850,000

FEES
Application fee Legal fees and disbursements

• No monthly administration fees or early repayment fees for variable rate loans
• Application fee from $500 payable, on application or at settlement
• You will have to pay costs associated with your own legal fees and disbursements

OTHER CONDITIONS

• At the end of the Revolving Credit Period any unused credit limit is cancelled and principal and interest payments are then made on the amount outstanding.
• All repayments must be made by electronic direct debit.
• 100% Lenders Mortgage Insurance is required for all loans.  The premium is payable by the borrower.  If the Line of Credit Facility is part of a Split Facility and the aggregate amount of the Split Facility is less than 80% of the value of the property and less than $500,000, the Lender may pay the premium.
• 1st registered mortgage over residential property required as security.
• If the loan is paid in full within three years from the Settlement Date, an Early Discharge Fee of $500 is payable.

Max LVR 80%

Max LVR 70%

Individuals, companies or trusts.  Any mortgagor who is not a borrower must be a guarantor.  Suits self-employed people with clean credit

Any purpose including refinancing

Security

Detached, attached and semi attached properties are acceptable
Inner city units/apartments are acceptable

Loan Amount
(per security)

$50,000 up to $1,000,000  (depends on location)

Loan Period

Up to 30 years

Payment Frequency

Weekly, fortnightly, or monthly (after initial monthly payment is deducted)

Interest Only

Available for periods of up to 10 years (A Line of Credit option is available)

Extra Repayments

Extra payments on variable loans can be made anytime without charge

Available at no fee from cleared funds next day (ie midnight tonight) if requested on a business day before noon.  Minimum transaction size is $50

Daily Interest

Interest is calculated daily on the outstanding loan account balance

Convert to Fixed

All or part of the loan can be converted to a fixed rate loan, at any time, at no cost.  The interest rate premium is maintained when fixing

Split Your Account

You can have up to 4 separate loans under the one facility

Internet Banking

Track your balance, and transact over the internet using our secure server

NSR

1.20:1

Not applicable

Minimum Net Assets

No minimum required

Trading History

Self employed applicants must have traded for two years or more

No minimum trading history required

Income Declaration

Declaration of Income, Assets & Liabilities and Affordability

Declaration of Affordability only

Wage and Salary Earners

Standard income verification required

Declaration of Affordability only

Other Supporting Documentation Required

• Signed Application Form
• Copy of Loan Statement – six months (for a refinance)
• Copy of Sale and Purchase Agreement (for a purchase)
• Registered valuation (Government valuation not acceptable)

Fees    
Application
Ongoing
Legal
LMI

• Application fee from $500 payable
• Nil
• You will have to pay your own legal fees and disbursements
• Lenders Mortgage Insurance cost will be paid by the lender

Other Conditions

• All repayments must be made by electronic direct debt
• If the loan is paid in full within three years from the Settlement Date, an Early Discharge Fee of $1,000 is payable
• For fixed rate loans, where any early payments are received or the interest rate is switched to a variable rate, breakcosts (any loss or opportunity cost incurred by the lender) may be payable