Credit Provider for Low Doc Home Loan (incorporating Credit Impaired Applicants)

Non Bank Lender.

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?

Product Highlights

FREE SERVICE - Rates, Costs and Fees are EXACTLY the same as if you had dealt directly with the Lender.

NO INCOME proof required (Payslips, Tax Returns etc).

Suitable for any residential loan (purchase or refinance).

"Cash Out" acceptable, but detail may be required depending on the amount.
In certain instances, Lender will need to control disbursements at Settlement ("case by case").

ABN required for 12 months (GST registration required if income > $75,000).

Acceptable Security includes:
     - Zoning of a Residential nature that permits residential usage.
     - Vacant land (max LVR of 80%) - Max size 1 acre, postcode restrictions apply. Max loan of $750,000.
     - House & Land (max LVR of 80%) - Max size 15 acres, postcode restrictions may apply.
     - Residences with up to 2 dwellings on the one Title (eg: Duplex).

Unacceptable Security includes:
     - Serviced Apartments.
     - Apartments less than 50 sq m in size (excluding balconies).
     - High Rise Apartments in postcodes 4205 - 4225 inclusive.
     - Properties without Town Services in place (particularly electricity).
     - Commercial Property.
     - Property in poor state of repair or under Renovation (eg: missing kitchens, walls etc).
     - Construction.
     - Company /Stratum Title (Strata Title OK).
     - Combination Shop/Residence.
     - Dual Key Apartments.

Residences in postcodes 4205-4225 incl. may have LVR restrictions if Valuation/Purchase price > $1,250,000.

Maximum LVR in WA is 70%.

Maximum LVR on the Gold Coast is 75% (Max Loan amount of $750,000, No Apartments, No Vacant Land).

Individual Borrowers, Discretionary & Unit Trusts & Property Holding or Trading Companies.

Where a Company is the Borrower, all Directors will be required to provide Guarantees.

Company / Trust borrowing is limited to "closely held" Family entities (not large Trading Companies).

Maximum loan Term - 30 years Owner Occupied, 40 years Investment

Defaults (paid or unpaid) of less than $550 are ignored (ie: rated as "Clear Credit"). MUST be paid at Settlement.

Defaults PAID greater than 2 years prior to Application are IGNORED (ie: rated as "Clear Credit").

Maximum of TWO "Splits" per Loan.

Loan is Portable (simultaneous Settlement required).

NOT AVAILABLE to anyone who qualifies for the First Home Owners Grant.

Fees and Charges

$990 Loan Settlement Fee (Credit Level 1), $1,495 all other Credit levels.

Approximately $550 Lenders Legals.

Approximately $375 Valuation Fee (payable on CONDITIONAL Approval).

Title Insurance:
    - Up to $600,000: $130 plus GST and Stamp Duty
    - $600,001 to $1,000,000: $200 plus GST and Stamp Duty
    - $1,000,000+: $300 plus GST and Stamp Duty

No Lender's Mortgage Insurance, however a Risk Fee of 1.25% of Loan Amount applies.

Risk Fee CAN be capitalised (added to the Loan).

$0 Ongoing Fees.

Early Repayment Fees:
    Credit Level 1
    - 2% if Loan discharged in first 24 months following Settlement
    - 1% if Loan discharged between 24 months and 1 day to 36 months following Settlement
    - Calculated on original loan amount
    All other Credit Levels
    - 3% if Loan discharged in first 24 months following Settlement
    - 2% if Loan discharged between 24 months and 1 day to 36 months following Settlement
    - Calculated on original loan amount

Government stamp duties and other government charges may apply.

Paperwork you will need to provide to apply for this Loan

ALWAYS REQUIRED

100 point ID for each applicant (usually a Passport or Birth Certificate PLUS a Drivers Licence).

Full copy of Trust Deed (if applicable).

If reliant on rental income, current lease agreement OR recent managing agent statement OR letter from real estate agent is required.

SOMETIMES REQUIRED

Accountants Declaration MAY be requested under the following circumstances ("case by case"):
    - If ABN is recently GST registered and declaring an Income > $75,000
    - If Nett Assets position does not reflect income declared
    - Loans that are categorised ABOVE Credit Impairment Level 3
   ie: No "Formal Policy", but "Sanity Checks" do apply.

IF YOU ARE PURCHASING

Signed and dated Copy of the Contract of Sale.

Evidence that you have sufficient funds to cover the Deposit and Purchasing Costs (eg: Bank Statement).

IF YOU ARE REFINANCING

Latest Rates Notice(s) on the Property(s) being offered as Security.

Last SIX months Home Loan Statements on all Home Loans being refinanced. Latest statement CANNOT be older than 1 month. Some GENUINE bank statements are required (ie: cannot provide all statements as Internet printouts, does not matter how old genuine statements are).

Loan Stucturing Information and Interest Rates

	Variable
Effective Date	8th March 2010
SPECIAL OFFER - FOR A LIMITED TIME ONLY For loans submitted between 15th October 2009 to 31st March 2010 ONLY. Suitable for Applicants that are looking to buy or refinance a property in a Category 1 postcode location (call us to check, but Gold Coast EXCLUDED). ALL Defaults under $550 are ignored (but must be paid out prior to or at Settlement). Cash out is allowed. ABN must be registered for at least 1 year and be GST registered (6 months preferred). If refinancing, no missed or late payments on the current Home Loan are allowed.	Interest Rate: 8.89% Variable (loans up to $250,000) Interest Rate: 8.49% Variable (loans over $250,000) Maximum LVR: 80% Maximum Loan Size: $1,000,000 Setup Fees: $990 Loan Settlement Fee, Approximately $550 Lenders Legals, Approximately $375 Valuation Fee (payable on CONDITIONAL Approval) plus Title Insurance (maximum of $250). Risk Fee: 1.50% of loan amount - CAN be capitalised (added to the Loan). Ongoing Fees:: $0. Early Repayment Fees: 2% if Loan discharged in first 24 months following Settlement, 1% if Loan discharged between 24 months and 1 day to 36 months following Settlement. Calculated on original loan amount
OTHER OPTIONS Definition of Mortgage Arrears (last 6 months) 1. Repayments due on or prior to 15th of each month need to be paid in the current month to NOT count as an arrears. 2. Repayments due after the 15th of each month need to be paid prior to the 15th of the following month to NOT count as an arrears. 3. Line of Credits/Overdrafts need to be cleared prior to the 15th of the following month to NOT count as an arrears. Defaults ALL Defaults MUST be PAID prior to or at Settlement.	Credit Level 1: - Defaults < than $550 (Paid or Unpaid) are ignored. - Defaults paid more than 2 years ago are ignored. - NO Mortgage arrears allowed. - NO history of Bankruptcy. Credit Level 2: - Defaults < than $550 (Paid or Unpaid) are ignored. - Defaults paid more than 2 years ago are ignored. - Telco Defaults < than $2,000 (Paid or Unpaid) are ignored. - Up to TWO Defaults (paid or unpaid) allowed. - Up to ONE Mortgage arrears allowed. - Discharged from Bankruptcy for at least 4 years. Credit Level 3: - Defaults < than $550 (Paid or Unpaid) are ignored. - Defaults paid more than 2 years ago are ignored. - Telco Defaults < than $2,000 (Paid or Unpaid) are ignored. - Up to THREE Defaults (paid or unpaid) allowed. - Up to TWO Mortgage arrears allowed. - Discharged from Bankruptcy for at least 2 years. Credit Level 4: - Defaults < than $550 (Paid or Unpaid) are ignored. - Defaults paid more than 2 years ago are ignored. - Telco Defaults < than $2,000 (Paid or Unpaid) are ignored. - Up to SIX Defaults (paid or unpaid) allowed. - Up to TWO Mortgage arrears allowed. - Discharged from Bankruptcy for at least 1 year.
Max 65% LVR - VARIABLE RATE	Credit Level 1: 9.09% (Max Loan: $1,500,000) Credit Level 2: 9.79% (Max Loan: $1,000,000) Credit Level 3: 11.09% (Max Loan: $750,000) Credit Level 4: 11.69% (Max Loan: $500,000)
65.01% to 70% LVR - VARIABLE RATE	Credit Level 1: 9.09% (Max Loan: $1,500,000) Credit Level 2: 10.09% (Max Loan: $1,000,000) Credit Level 3: 11.39% (Max Loan: $750,000) Credit Level 4: 12.09% (Max Loan: $500,000)
70.01% to 75% LVR - VARIABLE RATE	Credit Level 1: 9.49% (Max Loan: $1,500,000) - At least TWO Security properties needed if loan exceeds $1m. Credit Level 2: 10.49% (Max Loan: $1,000,000) Credit Level 3: 11.89% (Max Loan: $750,000) Credit Level 4: 12.64% (Max Loan: $500,000)
75.01% to 80% LVR - VARIABLE RATE MAY NOT be available in all Locations (call to check)	Credit Level 1: 9.49% (Max Loan: $1,500,000) - At least TWO Security properties needed if loan exceeds $1m. Credit Level 2: 11.09% (Max Loan: $750,000) Credit Level 3: 12.39% (Max Loan: $750,000) Credit Level 4: Not available
Payment Frequency	Weekly, Fortnightly or Monthly (default) by Direct Debit (no other option) Interest Only ALWAYS Monthly
Interest Only	Available
Extra Payments	Allowed
Redraw	A fee of $25 applies and the minimum redraw allowable is $2,000.