| CLIENT PROFILE
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Eagle's Lo Doc and Jumbo Lo Doc loans suit self-employed or full time investors who are unable to produce extensive financial statements at the time of application.
Borrowers must disclose their ABN which must be held for a minimum of 18 months where the LVR is greater than 80%. There is no time limit on LVR's below 80% and the loan amount is less than $1,750m. Co borrowers may be PAYG.
Income verification is required by way of Income declaration and for loan above $1.25m an Accountant income verification in Eagle standard format is required.
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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 Manager - The immediate cash flow savings are substantial under the Cash Flow Manager as the nominal LVR of the loan increases to 88.40% at the end of year 4 (excluding fee that have been capitalised onto the loan), at which time the borrower receives a 0.50% p.a. rate reduction (assumming satisfactory loan conduct) and no further loan capiatalisation.
2 Year Cash Flow Manager - Eagle's 2yr Cash Flow Manager loan capitalises part of the interest charged for the first two years of the loan. The 2 yr product has a starting LOVR of 85% - higher than the standard Cash Flow Manager.
3 Year Fixed Cash Flow Manager - Eagle's Fixed Cash Flow Manager is designed for owner occupiers wanting to make immediate cash flow savings with the added benefit of a fixed rate - allowing borrowers to set a sustainable budget for the medium term. Only available for Owner Occupied.
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| LOAN TERM |
30 Years |
| MAXIMUM LOAN SIZES |
Standard Cash Flow Manager-
80%LVR - $1,250,000
75% LVR - $1,750,000
70% LVR - $5Million
2 Year Cash Flow Manager-
85%LVR - $1,250,000
80% LVR - $1,750,000
75% LVR - $5Million
3 Year Fixed Cash Flow Manager -
80%LVR - $1,250,000
75% LVR - $1,750,000
70% LVR - $5Million
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| SERVICING REQUIREMENTS |
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 |
Owner Occupied / Investor |
| 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
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| 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. |
