Credit Provider - Non Bank Low Doc 80% Home Loan

100% owned by a major Bank. Mortgage in name of major Bank. Professional Package (interest rate discounts apply).

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 with the bank direct.

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

NO BAS Statements OR Bank Statements required.

Suitable for any residential loan (purchase or refinance). Commercial property loans excluded.

If 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).

up to 60%, an ABN for 1 year IS required (GST registered if income exceeds $75,000).

If LVR

exceeds 60%, an ABN for 2 years IS required (GST registered if income exceeds $75,000).

If LVR

up to 60%,Primary borrower must be self employed for minimum of 1 year.

If LVR

exceeds 60%,Primary borrower must be self employed for minimum of 2 years in SAME BUSINESS.

Co-borrowers can be PAYG.

Companies allowed as Borrowers.

Discretionary and Unit Trusts allowed as Borrowers HOWEVER:
      ALL ADULT PRIMARY Trust Beneficiaries will be required to supply Guarantees.
      Borrowers must be exactly the same as Security Providers.
      Borrowers MUST be Trustees of the Trust.

Maximum loan amounts as follows:
- House: $1m to 80% LVR

Category 1 locations
- Land: $600k to 80% LVR

Category 1 locations
- House: $750k to 80% LVR

Category 2 locations
- Land: $400k to 80% LVR

Category 2 locations
- House: $500k to 80% LVR

Category 3 locations
- Land: Not available for Category 3 locations
- Loans over $1m to max 60% LVR

are restricted to postcodes:
        2010 - 2011, 2018 - 2204, 2206 - 2234, 3011 - 3207
      - Click Here for Category postcode listings.
      - Further restrictions apply for inner city high rises (call).

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).

.

) on loans to 60% LVR

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

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

premium to loan where LVR

exceeds 60% (Not available for a Line of Credit).

Extremely flexible loan structuring options (ie mix of fixed, variable or line of credit).

Discounted, competitive rates and fees.

Land loans allowed (no requirement to Build) - max land size 10ha.

Construction allowed on Variable Rate Loans (must complete construction within 12 months).

Construction Contracts must include driveways, paths, fencing and floor coverings.

Loan is portable.

First Home Owners are allowed (NO Genuine Savings required).

Favourable purchases allowed.

Minimal documentation requirements.

Things you need to know

Not suitable for Commercial Property Loans.

"Off the Plan" and "Meriton Appartments" excluded.

Maximum exposure $2m (including related entities).

Call for acreage.

Initial loan must be at least $100,000.

For Construction loans, plans and building approvals need to be submitted at time of application.

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.

. Minor PAID Defaults considered with written explanation.

Fees and Charges

Lender setup costs of $895 (covers 1 Valuation ... additional approx $220 per Valuation).

Annual Package Fee of:
      - 1 loan split - $300
      - 2 loan splits - $300
      - 3 loan splits - $450
      - 4 loan splits - $600
      - 5 loan splits+ - $500 + $100 per split for each split over 5

Construction progress valuation fees - $50 per drawdown.

Mortgage Insurance will apply (if LVR

exceeds 60%) - call for quote.

Fixed Rate Lock Fee of 0.15% of the loan amount to guarantee published Fixed Rate AT LOAN APPLICATION:
      - Must be paid prior to Settlement (cannot come from loan proceeds).
      - Payable per fixed loan split.
      - Valid for 90 days only from date of Application (non refundable).

Other fees and charges may apply. For example:
- Where there is more than one Security property.
- Where Guarantors are involved.

Early Repayment Fees:
      - 1% of loan amount if loan is fully discharged in first 3 years.
      - PLUS $295 Admin Fee, regardless of time of discharge.
      - NO DERF for partial Discharges from a single loan, but associated fees approx $1,500.
      - Break Costs may apply if a Fixed Loan is repaid during the Fixed Term.

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).

If co-borrowers are PAYG, then we require the two most recent payslips OR the most recent PAYG Payment Summary as well as a letter from the employer.

Latest Rates Notices on any properties that you already own.
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

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 THREE 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

	Variable Rate	Line of Credit	Fixed Rate
Effective Dates	18th September 2009	18th September 2009	18th September 2009
Loan Amount: $100,001 to $1,500,000	Max LVR 80% Min Loan $100,000 Max Loan $1,000,000 5.19% (CR 5.55%) Max LVR 60% Min Loan $250,000 Max Loan $499,999 4.99% (CR 5.35%) Max LVR 60% Min Loan $500,000 Max Loan $1,500,000 4.89% (CR 5.25%)	Max LVR 80% Min Loan $100,000 Max Loan $249,999 6.69% Max LVR 80% Min Loan $250,000 Max Loan $499,999 5.29% Max LVR 80% Min Loan $500,000 Max Loan $1,500,000 5.09%	Min Loan $100,000 Max Loan 80% LVR $1m Max Loan 60% LVR $1.5m 5.99% - 1 Yr (CR 6.17%) 6.49% - 2 Yrs (CR 6.24%) 7.19% - 3 Yrs (CR 6.54%) 7.49% - 4 Yrs (CR 6.51%) 7.64% - 5 yrs (CR 6.82%) 8.24% - 10 yrs (CR 7.83%)
Borrowing Entity	Individuals, Companies & Trusts	Individuals, Companies & Trusts	Individuals, Companies & Trusts
Payment Frequency	Weekly, Fortnightly or Monthly	No regular payment frequency required… you do NOT need to make any payments PROVIDED the balance of your Line of Credit does not EXCEED the approved limit (ie: Capitalisation of Interest is allowed).	Weekly, Fortnightly or Monthly
Interest Only Option	Up to 5 yrs - Owner Occupied and Investment	Always	MUST be same as or greater than the Fixed Rate Term - 10 year Term available for Investment properties ONLY
Offset Account	Not available	Not Applicable	Not available
Construction option	Yes	No	No
Redraw	Yes - no minimum, Debit Card and Cheque Book	Yes - no minimum, Debit Card and Cheque Book	Yes - $10 per redraw, minimum $1,000
Extra Payments	Unlimited	Unlimited - repayments based on actual loan balance	Yes - up to maximum of $25,000 during fixed rate term
Deposit Methods	Direct Debit, Salary Credit, BPAY, Giro Post	Direct Debit, Salary Credit, BPAY, Giro Post	Direct Debit, BPAY

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.