| CLIENT PROFILE |
PAYG Employees
Self-employed for minimum of 2 years
Registered Australian Corporate Entities
Full Evidence of ability to service the debt
Lo Doc evidence of ability to service the debt
and clean credit history
|
| LOAN TERM |
30 Years |
| MINIMUM LOAN AMOUNT AND MINIMUM SIZE |
Lo Doc -
90%LVR - $750,000
85% LVR - $1,250,000
75% LVR - $1,750,000
Lo Doc Jumbo -
70% Refinance -$Up to $5 Million
75% Purchase - Up to $5 Million
|
| MAX L.V.R. FULL DOC AND 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 |
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 |
| REQUIRED BORROWER INFORMATION |
PAYG - Two most recent payslips and two years tax returns. Companies/Trust/Partnerships: Evidence of income, lodged company tax accounts and/or tax assessments are required for at least 2 years.
Individuals/Self Employed: Signed income tax assessments/returns with all schedules for the last 2 years. Individual to provide confirmation of income from employer plus sighting of the last two payslips.
Lo Doc borrowers must have had ABN for at least 2 years. Income verification is required.
|
| FUNDER TO APPROVE |
The funder must approve the Individual complexes, Management Agreements and or Lease for all
Student Accommodation
Non Resident loans
Serviced Apartments
Serviced Office Suites |
| 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. |
