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Credit Provider - Commercial Lite Doc 75%
Second Tier Bank.
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DOES YOUR LENDER/BROKER PROVIDE YOU WITH THIS INFORMATION?
Our Fact Sheets provide in-depth information that is generally not available from any other source (INCLUDING the Lender).
They have been designed so that prospective borrowers have access to ALL of the information they need to make an informed
decision regarding the suitability of the loan to meet their requirements.
To properly evaluate a loan, we believe that full disclosure of the following information is critical to the decision making process:
- What are the loan features?
- How much will it cost to set up the loan?
- What are the interest rate options and ongoing fees?
- How much will it cost to discharge the loan?
- What documents will I need to supply to apply for this loan?
DOES YOUR LENDER/BROKER PROVIDE YOU WITH THIS INFORMATION?
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Product Highlights
FREE SERVICE - Rates, Costs and Fees are EXACTLY the same as if you had dealt with the bank direct.
Restricted to properties in major Cities/Regional Centres (generally population of 100,000 or more).
GENERALLY no ongoing Reviews (Valuation Reviews possible under certain circumstances, but unusual).
Companies and Trusts allowed (Discretionary, Unit [not too many Unit Holders], NO HYBRID Trusts allowed).
All Applicants MUST have Clear Credit (absolutely no exceptions, regardless of age or size of Default).
For Trusts, only the Trustee is required to provide a Guarantor (not Beneficiaries).
All Applicants must be Australian Citizens/Permanent Residents living and working in Australia.
No restrictions on which Institutions that they will refinance (ie: any Bank or Non Bank Lender).
Pre-Approvals possible (90 day validity period).
Fast turnaround for Conditional (3 to 5 days) PROVIDED all documentation provided with Application.
Variable and Fixed Rates available (1 to 5 years). No Line of Credit available.
No Rate Lock available for Fixed Rate Loans - will fix at prevailing rate at time of Settlement.
Can convert from Variable Rate to Fixed Rate post Settlement.
Unlimited extra repayments allowed on Variable Rate Loans.
$20,000 extra pa allowed on Fixed Rate loans without Penalty.
Monthly, Weekly or Fortnightly repayments.
Free electronic Redraw (on All Account Types ... including Fixed Rate Loans).
Loan splits allowed.
Loan is portable (Simultaneous Settlement required).
Phone and Online Banking.
Company Charges NOT normally taken.
NO Second Mortgages, Company Title OR Construction allowed.
Vacant Land allowed as collateral Security only (will allow 50% of valuation).
No "specialised" Security (ie: Security should be "multi use"). Unacceptable Security includes:
Abattoirs, Breweries, Brickworks, Caravan Parks, Cemeteries, Clubs, Construction, Child Care Centres,
Contaminated Sites, Foundaries, Funeral Parlours, Gasworks, Hotels/Motels, Ice Works, Laboratories,
Mills, Marinas, Mechanical workshops with in ground Pits, Nightclubs/Pubs, Nursing Homes, Places of Worship,
Properties above the snowline, Purpose built premises, Restrictive/Unique usage properties, Quarries,
Reception Centres, Residential properties > 10ha, Retirement Villages, Roadhouses, Rural property,
Sawmills, Schools, Service Stations, Sporting Centres, Storage Sheds, Student Apartments,
Theatres/Film Studios, Theme Parks, Tanneries, Time Share, Vineyards, Wrecking/Smash Repairs.
Click Here for Category postcode listings (guideline only).
OPTION 1 - Lease Doc
Suitable for Investors (no Owner Occupiers).
Applicants whose occupation is "Property Developer" ARE allowed.
Property must have "arms length Tennant" with a minimum remaining Lease of 12 months.
Purchase, Refinance, "Cash Out" OK.
$150,000 Minimum Loan Amount.
$1,000,000 Maximum Loan Amount.
Maximum
LVR
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The LVR (Loan-to-Value-Ratio) describes how much you can borrow as a percentage of the value of the offered security property(s).
For example: You are offering 2 houses as security worth a combined $500,000. You wish to borrow $350,000 in total.
The LVR is 70% in this case ($350,000 divided by $500,000 times 100).
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of 65%.
Maximum Loan Term of 25 Years with up to 5 Years Interest Only.
NO INCOME Declaration ... only require last 12 months Rental Statements (must service the Loan).
Vacant Possession not allowed unless new Lease is signed and is about to be invoked.
No Lenders Lien on the Lease.
DOCUMENTS REQUIRED
- 100 point ID for each applicant (usually a Passport or Birth Certificate PLUS a Drivers Licence).
- Most recent Rental Statement ... better to provide last 12 months if available.
- Most recent Rates Notice on property being purchased/refinanced.
- IF PURCHASING: Signed and dated Copy of the Contract of Sale.
- IF PURCHASING: Evidence that you have sufficient funds to complete (eg: Bank Statement).
- IF REFINANCING: Last 6 months loan Statements on any Mortgage Debts being Refinanced.
OPTION 2 - Lite Doc
Suitable for Investors AND Owner Occupiers.
Applicants whose occupation is "Property Developer" ARE NOT allowed.
2 Year ABN required for all entities where declared income is sourced from.
No BAS, Accountants Letters or Tax Returns required, HOWEVER ...
Bank will require 6 months Business Bank Statements for all entities where declared income is sourced from.
Bank Statements will be used to "Sanity Check" declared income. Any evidence of dishonoured transactions,
over limit fees or poor account conduct is likely to result in a Decline.
Purchase, Refinance, "Cash Out" OK.
$150,000 Minimum Loan Amount.
$2,000,000 Maximum Loan Amount to 70%
LVR
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The LVR (Loan-to-Value-Ratio) describes how much you can borrow as a percentage of the value of the offered security property(s).
For example: You are offering 2 houses as security worth a combined $500,000. You wish to borrow $350,000 in total.
The LVR is 70% in this case ($350,000 divided by $500,000 times 100).
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, $1,000,000 between 70.01 and 75%
LVR
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The LVR (Loan-to-Value-Ratio) describes how much you can borrow as a percentage of the value of the offered security property(s).
For example: You are offering 2 houses as security worth a combined $500,000. You wish to borrow $350,000 in total.
The LVR is 70% in this case ($350,000 divided by $500,000 times 100).
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.
Maximum
LVR
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The LVR (Loan-to-Value-Ratio) describes how much you can borrow as a percentage of the value of the offered security property(s).
For example: You are offering 2 houses as security worth a combined $500,000. You wish to borrow $350,000 in total.
The LVR is 70% in this case ($350,000 divided by $500,000 times 100).
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of 75%.
Maximum Loan Term of 25 Years.
Maximum 5 Years Interest Only (75%
LVR
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The LVR (Loan-to-Value-Ratio) describes how much you can borrow as a percentage of the value of the offered security property(s).
For example: You are offering 2 houses as security worth a combined $500,000. You wish to borrow $350,000 in total.
The LVR is 70% in this case ($350,000 divided by $500,000 times 100).
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) or 3 Years Interest Only (between 70.01 and 75%
LVR
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The LVR (Loan-to-Value-Ratio) describes how much you can borrow as a percentage of the value of the offered security property(s).
For example: You are offering 2 houses as security worth a combined $500,000. You wish to borrow $350,000 in total.
The LVR is 70% in this case ($350,000 divided by $500,000 times 100).
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).
DOCUMENTS REQUIRED
- 100 point ID for each applicant (usually a Passport or Birth Certificate PLUS a Drivers Licence).
- Last 6 months loan Statements on any other Home Loans Applicant/s have.
- Most recent Rental Statement ... better to provide last 12 months if available.
- Most recent Rates Notice on property being purchased/refinanced.
- IF PURCHASING: Signed and dated Copy of the Contract of Sale.
- IF PURCHASING: Evidence that you have sufficient funds to complete (eg: Bank Statement).
- IF REFINANCING: Last 6 months loan Statements on any Mortgage Debts being Refinanced.
Fees and Charges
1% Application Fee (payable at Settlement). Not negotiable.
Valuation at cost (subject to Quote - minimum $1,250). Payable on Conditional Approval.
Legals Fees at Cost.
$100 Setup fee for each Split over and above the first.
Monthly fee of $20 per Loan Split.
Other fees and charges may apply at the discretion of the Bank. For example:
- Where there is more than one Security property.
- Where Guarantors are involved.
- Where Companies/Trusts are involved.
Early Repayment Fees:
- 1.50% of original loan amount if loan is discharged in first 4 years.
- PLUS $525 Discharge Registration Lodgement Fee, regardless of time of discharge.
- Break Costs may apply if a Fixed Loan is repaid during the Fixed Term.
Government stamp duties and other government charges may apply.
Loan Stucturing Information and Interest Rates
You can have as many 'splits' (or loans) as you like against a maximum of 3 or 4 Security properties.
A mixture between Fixed, Variable and Line of Credit is allowed on a
Principal & Interest or Interest Only basis (see below for details). Please note that Rates are not negotiable.
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Variable Rate
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Fixed Rates
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Effective Dates
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10th May 2010
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10th May 2010
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Option 1 (Lease Doc)
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to 60% LVR: 9.09%
60.01 to 65% LVR: 9.39%
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to 60% LVR:
8.75% - 1 Yr
9.40% - 2 Yrs
9.70% - 3 Yrs
9.90% - 4 Yrs
9.95% - 5 yrs
60.01% to 65% LVR:
9.05% - 1 Yr
9.70% - 2 Yrs
10.00% - 3 Yrs
10.20% - 4 Yrs
10.25% - 5 yrs
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Option 2 (Lite Doc)
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to 60% LVR: 8.79%
60.01 to 65% LVR: 8.99%
65.01 to 70% LVR: 9.29%
70.01 to 75% LVR: 9.54%
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to 60% LVR:
8.45% - 1 Yr
9.10% - 2 Yrs
9.40% - 3 Yrs
9.60% - 4 Yrs
9.65% - 5 yrs
60.01% to 65% LVR:
8.65% - 1 Yr
9.30% - 2 Yrs
9.60% - 3 Yrs
9.80% - 4 Yrs
9.85% - 5 yrs
65.01% to 70% LVR:
8.95% - 1 Yr
9.60% - 2 Yrs
9.90% - 3 Yrs
10.10% - 4 Yrs
10.15% - 5 yrs
70.01% to 75% LVR:
9.20% - 1 Yr
9.85% - 2 Yrs
10.15% - 3 Yrs
10.35% - 4 Yrs
10.40% - 5 yrs
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