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Credit Provider - Bank 80% Home Loan
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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.
NO INCOME proof required (BAS Statements, Tax Returns etc).
Loan Term of 30 years.
Maximum loan amounts - Improved residetial property (selected postcode) - NO VACANT LAND:
- $1,500,000 to 60%
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 60.01% 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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(inc
LMI
Lenders Mortgage Insurance (or LMI) does not protect the borrower
in any shape or form. It is an insurance policy taken out by the Lender in case
you are late with your payments or default on the loan. If this occurs, then the
Mortgage Insurer will pay the lender the shortfall and will then
recover this amount from you. Mortgage insurance is normally payable by
borrowers on all loans with a Loan to Value ratio
LVR
|
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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exceeding 60% on Low Doc Loans. Mortgage Insurance is a
once-off cost and can often be added to the loan.
The premimum varies from Lender to Lender and will also depend on the amount being
borrowed and the
LVR
|
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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.
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) - Interest Only facilities, Refinances, Purchases
- $1,000,000 between 75.01% and 80%
LVR
|
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).
|
(inc
LMI
Lenders Mortgage Insurance (or LMI) does not protect the borrower
in any shape or form. It is an insurance policy taken out by the Lender in case
you are late with your payments or default on the loan. If this occurs, then the
Mortgage Insurer will pay the lender the shortfall and will then
recover this amount from you. Mortgage insurance is normally payable by
borrowers on all loans with a Loan to Value ratio
LVR
|
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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exceeding 60% on Low Doc Loans. Mortgage Insurance is a
once-off cost and can often be added to the loan.
The premimum varies from Lender to Lender and will also depend on the amount being
borrowed and the
LVR
|
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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.
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) - MUST be P&I, Purchases only
Maximum loan amounts - VACANT LAND (selected postcodes):
- $750,000 to 60%
LVR
|
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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- $500,000 between 60.01% and 75%
LVR
|
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).
|
(inc
LMI
Lenders Mortgage Insurance (or LMI) does not protect the borrower
in any shape or form. It is an insurance policy taken out by the Lender in case
you are late with your payments or default on the loan. If this occurs, then the
Mortgage Insurer will pay the lender the shortfall and will then
recover this amount from you. Mortgage insurance is normally payable by
borrowers on all loans with a Loan to Value ratio
LVR
|
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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exceeding 60% on Low Doc Loans. Mortgage Insurance is a
once-off cost and can often be added to the loan.
The premimum varies from Lender to Lender and will also depend on the amount being
borrowed and the
LVR
|
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).
|
.
|
) - Interest Only facilities, Refinances, Purchases
- $750,000 between 60.01% and 75%
LVR
|
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).
|
(inc
LMI
Lenders Mortgage Insurance (or LMI) does not protect the borrower
in any shape or form. It is an insurance policy taken out by the Lender in case
you are late with your payments or default on the loan. If this occurs, then the
Mortgage Insurer will pay the lender the shortfall and will then
recover this amount from you. Mortgage insurance is normally payable by
borrowers on all loans with a Loan to Value ratio
LVR
|
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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exceeding 60% on Low Doc Loans. Mortgage Insurance is a
once-off cost and can often be added to the loan.
The premimum varies from Lender to Lender and will also depend on the amount being
borrowed and the
LVR
|
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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) - MUST be P&I, Refinances, Purchases
- $500,000 between 75.01% and 80%
LVR
|
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).
|
(inc
LMI
Lenders Mortgage Insurance (or LMI) does not protect the borrower
in any shape or form. It is an insurance policy taken out by the Lender in case
you are late with your payments or default on the loan. If this occurs, then the
Mortgage Insurer will pay the lender the shortfall and will then
recover this amount from you. Mortgage insurance is normally payable by
borrowers on all loans with a Loan to Value ratio
LVR
|
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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exceeding 60% on Low Doc Loans. Mortgage Insurance is a
once-off cost and can often be added to the loan.
The premimum varies from Lender to Lender and will also depend on the amount being
borrowed and the
LVR
|
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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.
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) - MUST be P&I, Purchases only
Personal Borrowers only (NO Companies or Trusts).
Applicants must show a strong nett Asset position and show stability of residential address.
MAXIMUM of 2 Security properties.
No more than 2 loan splits.
Construction NOT available.
ABN Requirements:
- No BAS Returns required.
- For
LVR
|
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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's up to 70%: GST registered ABN for at least 12 months.
- For
LVR
|
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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's between 70.01% and 80%: GST registered ABN for at least 24 months.
Purchase of Residential Owner Occupied or Investment properties to 80%
LVR
|
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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.
Refinances over a 60%
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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are available with the following restrictions:
- Will only refinance loans that are currently with the following Lenders (no exceptions):
ANZ, CBA, Bankwest (Bank WA), NAB, Homeside, Westpac, St George (Bank SA), BOQ, Bendigo, Citibank,
HSBC, ING, Credit Union Australia, Police & Nurses Credit, Heritage, The Rock, Newcastle Permanent.
- Maximum LVR of 75% (PLUS Mortgage Insurance [LMI]).
- Will not refinance any loans currently branded as a "Low Doc" Loan.
- Will not refinance any loan that was originally established for Business purposes.
- LIMITED Cash Out available: 10% of loan amount or $50,000 (whichever is the lesser) unless funds are being
used for an associated Purchase (unlimited in this instance, evidence required).
Bank will require documentary evidence of funds usage in all other cases.
Co-borrowers can be PAYG but must be in full time position for 6 months+ and must provide full income proof.
NO MORTGAGE INSURANCE (
LMI
Lenders Mortgage Insurance (or LMI) does not protect the borrower
in any shape or form. It is an insurance policy taken out by the Lender in case
you are late with your payments or default on the loan. If this occurs, then the
Mortgage Insurer will pay the lender the shortfall and will then
recover this amount from you. Mortgage insurance is normally payable by
borrowers on all loans with a Loan to Value ratio
LVR
|
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).
|
exceeding 60% on Low Doc Loans. Mortgage Insurance is a
once-off cost and can often be added to the loan.
The premimum varies from Lender to Lender and will also depend on the amount being
borrowed and the
LVR
|
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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.
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) on loans to 60%
LVR
|
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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.
Can add
LMI
Lenders Mortgage Insurance (or LMI) does not protect the borrower
in any shape or form. It is an insurance policy taken out by the Lender in case
you are late with your payments or default on the loan. If this occurs, then the
Mortgage Insurer will pay the lender the shortfall and will then
recover this amount from you. Mortgage insurance is normally payable by
borrowers on all loans with a Loan to Value ratio
LVR
|
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).
|
exceeding 60% on Low Doc Loans. Mortgage Insurance is a
once-off cost and can often be added to the loan.
The premimum varies from Lender to Lender and will also depend on the amount being
borrowed and the
LVR
|
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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.
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premium to loan where
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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exceeds 60% to loan maximums.
IMPORTANT LIMITATIONS:.
Will not do a loan for any Applicant who has borrowings in excess of $1,500,000 (including this loan).
Will not do Debt consolidation.
Not suitable for Developers.
"Off the Plan" purchases not allowed.
Land loans available (restrictions apply) but MUST demonstrate will build within 3 months with own funds.
Commercial property loans excluded.
No Genuine Savings Required (but 'gifts', borrowed funds and recent unexplained large deposits not allowed).
For PURCHASES - Funds to complete cannot come from Borrowings (eg: a Line of Credit etc).
Favourable purchases not allowed.
Maximum Land size of 10 hectares.
Click Here for Category postcode listings (guideline only).
First Home Owners are allowed (Bank will process Grant on your behalf).
Things you need to know
Initial loan must be at least $150,000.
Not suitable for applicants with
Bad Credit
Bad Credit refers to entries that have been recorded on your Credit Report
because you have not paid a bill following repeated requests from the Credit Provider
(commonly called a Default), or where a credit related matter has been formally placed before the Courts (Judgements and Court Writs).
Defaults often relate to unpaid Telco bills (telephones, mobile phones etc) as well as Utility bills (Electricity, Gas etc). Once an
entry has been recorded on your Credit Report, it can stay there for up to 7 years (regardless of whether you pay the outstanding amount
or not). Generally speaking, it is difficult to obtain Credit at favourable Terms if you have entries of this nature on your
Credit Report (particularly if the account has not been paid).
Note that being late with a bill payment or having an overdue account does not constitute Bad Credit. It is only a problem if it has
been formally recorded on your Credit Report (eg: placed with a debt collection agency).
As part of the Loans process, we usually check your Credit Report before we complete
formal paperwork. We will then discuss the results with you and advise you of your options if there are any matters of concern.
What is a
Credit Report
When you make a Credit Application with a Credit Provider (eg: a Bank, a Telephone company or for a Credit Card), the details of
your enquiry are logged in a Central Database (accessible, by Subscription only, over the Internet). If you do not pay an
outstanding account, then the Credit Provider can record this in the same Database (commonly called a Default). Most Credit
Providers will check your Credit Report before granting Credit. If there are adverse entries (Defaults, Judgements, Writs etc),
then your application for Credit MAY be declined (without reason).
Note that you have to give express permission to the Credit Provider before they can access your information.
This is usually done by signing a Privacy Authority included with the Credit Application Form. You are not required to grant permission
to the Lender to do this, but your Credit Application is unlikely to be approved without it.
The company that provides this service in Australia is Veda Advantage.
They are required (by law) to provide you with a copy of your Credit Report on request.
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NO EXCEPTIONS (regardless of size/age of Default).
Fees and Charges
Lender setup costs of $600 applies (includes one Valuation).
$200 setup fee for each additional loan split after the first.
NO ongoing Fees.
$250 Fee to cover Progress Draws for Construction Loans.
Mortgage Insurance will apply (if
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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exceeds 60%).
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.
Early Repayment Fees:
- $250 Admin Fee, regardless of time of discharge.
- PLUS $800 if loan discharged in first 4 years.
Government stamp duties and other government charges may apply.
Paperwork you will need to provide to apply for this Loan
ALWAYS REQUIRED
Documentary evidence that you can afford to repay the loan on an ongoing basis
(options will be discussed at loan Application time - will vary according to each Applicants financial situation).
Evidence of ABN (refer to THIS SITE to lookup your ABN).
If ABN not registered, Accountants Letter ALWAYS required confirming NETT Business Income.
Signed Low Doc Declaration (we will supply).
100 point ID for each applicant (usually a Passport or Birth Certificate PLUS a Drivers Licence).
If claiming Rental income, then latest Rental Statement from Agent or current Lease Agreement.
Copies of most recent SIX MONTHS statements for ALL current loans (Car, Personal and Housing).
Copies of most recent statements for ALL Credit Cards.
If co-borrowers are PAYG, then we require:
- Most recent computer generated payslip. YTD figures / Employers ABN & Company name obligatory.
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).
Last SIX months Statements for all Credit Cards, Personal/Car loans being refinanced.
IF YOU ARE BUILDING
To enable the loan to be APPROVED - Copy of the Quote, Plans and Builders Specifications.
BEFORE Progress Payments can be made, we will need:
1. Copy of the signed and dated Fixed Price Building Contract from a Registered Builder.
2. Copy of Builders Registration.
3. Copy of STAMPED Council Approved Plans REDUCED to A4 size.
4. Construction Certificate (NSW) or Building Permit (VIC).
5. Builders Insurance (Certificate of Currency).
6. Builders Indemnity / Public Risk Insurance (minimum of $5m).
7. Slab Survey for NSW properties required prior to first payment drawdown.
Loan Stucturing Information and Interest Rates
As at: 5th May 2010
Variable Interest Rate: 7.01% (Comparison Rate - 7.16%)
Fixed Rates and Line of Credit not available
Minimum Loan Amount: $100,000 (unlimited splits on payment of a $200 setup fee per split)
Payments Frequency: Weekly, Fortnightly, Monthly (P & I), Monthly (Interest Only)
Interest Only Option: 1 to 5 Years
Offset Account Available: Yes (Interest rate increases by 0.58% pa)
Redraw: Yes (minimum of $1,000)
Extra Repayments: Yes - no limits
The Comparison Rate is calculated on a loan amount of $300,000 over a term of 30 years. Fees and charges may be payable.
A Comparison Rate schedule is available at our Miami offices. WARNING: This Comparison Rate applies only to the example or
examples given. Different amounts and terms will result in different Comparison Rates. Costs such as redraw fees or early repayment
fees, and cost savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan.
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