| CLIENT PROFILE
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Eagle's Cash Flow Manager loans are suited to PAYG Employees, self-employed or full time investors for minimum of 18 months and are able to provide full financials in support of their application.
Loans are available to Registered Australian Corporate Entities, partnerships or trustee companies.
Full Evidence of ability to service the debt
Lo Doc loans are also avaiable.
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| PRODUCT DESCRIPTION |
Eagle's new Cash Flow Manager is a genuine innovative mortgage product designed for borrowers wishing to make immediate cash flow savings. By capitalising part of the interest charged in the early years of the loan, the Cash Flow Manager allows borrowers to reduce their monthly payments and free up their cash flow. |
| VARIATIONS |
Cash Flow Loan (4Yr) - The immediate cash flow savings are substantial under the Cash Flow Loan as the nominal LVR of the full doc loan increases to 79.3% at the end of year 4 and the Lo Doc increases to 74.6% (excluding fee that have been capitalised onto the loan).
2 Year Cash Flow Loan - Eagle's 2yr Cash Flow loan capitalises part of the interest charged for the first two years of the loan. The 2 yr product has a starting LVR of 75% Full Doc and 70% Lo Doc- higher than the standard Cash Flow Manager.
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| LOAN TERM |
30 Years |
| MAXIMUM LOAN SIZES |
Standard Cash Flow Loan -
70%LVR Full Doc - $5Million
65% LVRLo Doc - $5Million
2 Year Cash Flow Loan -
75%LVR Full Doc - $5Million
70% LVRLo Doc - $5Million
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| SERVICING REQUIREMENTS |
Full Doc - PAYG requires 2 payslips no older than one month old. and also one of the following - PAYG Payment Summary for the last 2 years, Tax returns for last 2 financial years, letter from borrowers employer stating permanent employee, income and length of employment,employment contract. Confirmation of rental income
Self Employed -
Income Tax returns and Tax assessment notices for the last two financial years inclusive of balance sheet and profit and loss statement for both business and personal, confirmation of rental income
Lo Doc - A completed Income Declaration for each borrower
Loans in excess of $1.25M will require additional evidence of servicability, this normally includes an Accountants letter, bank statements and/or evidence of genuine savings, income or equity build up through asset accumulation. ABN must be valid for 18 months. |
| INTENDED USE |
Investor or Business purposes only |
| REPAYMENT OPTIONS |
Principal &
Interest (P&I)
Interest Only (IO) |
| INTEREST ONLY OPTIONS |
Up to 5 Years then auto converting to P & I |
| CREDIT REPORTS |
Clear credit is generally required. However, loans may be approved with credit impairment if they are satisfactory non financial defaults. An interest rate loading of 0.25% will apply. Full written explanations must be provided. |
| ADDITIONAL REPAYMENTS |
Variable interest rate options only |
| SUBSTITUION OF SECURITY |
Available in line with credit criteria - simultaneous settlement required. |
| LOCATION |
All metro and category 1 areas. Outside metro or major regional areas an interest rate loading of 0.35% will apply |
| STATEMENTS |
1/2 Yearly |
| REDRAW FEES |
Available - Minimum $500. 2 free per month/$175 thereafter |
| FIXED INTEREST |
Available on request |
| RISK FEES |
Yes
|
| BORROWERS LEGAL EXPENSES |
At Borrowers expense |
| LENDERS LEGAL EXPENSES |
At Borrowers expense |
| VALUATION EXPENSE |
$375 payable on application |
| APPLICATION FEE |
1.5% plus GST or $1,500 whichever is the greater. |
| CAPITALISATION FEE |
Fees can be capitalised to a maximum of 1.5% of the proerty value. The fees allowed to be capiatalised are the risk fees, legal fees ($350 only), title insurance and completion fees. |
