| Purpose |
Construct
or renovate owner occupied or investment properties |
| Loan
Size |
From
$30,000 to $750,000 per security property |
| Term |
Up
to 30 Years (includes construction period) |
| Repayment |
Interest
Only during the construction period. On completion of construction loan
repayments will automatically convert to the standard Principal and Interest
repayment unless otherwise requested. Conversion to Line of Credit is
not available. |
| Frequency |
During
construction period repayments are due monthly on 2nd working
day of the month. Once construction is complete repayments will be due
each month on the anniversary of the conversion date of the same date
as for any other existing loan split. Weekly, fortnightly or monthly.
Extra repayments can be made on variable loans at any time on completion
of the construction period |
| Convert
To Fixed Rate |
At
the end of the construction period all or part of the loan can be converted
to a fixed rate at any time at no cost (subject to maximum of 4 a/c) |
| Split
Loan Facility |
Up
to 4 separate splits per facility. Transfer funds between splits using
Inter Account Payment facility |
| Re-Draw
Facility |
Available
only on completion of the construction period. Unlimited re-draw at no
cost. Minimum re-draw $50 when using Loan Service Line or Loan Service
Net for all variable rate loans |
| Pay
Anyone |
Available
only on completion of the construction period. Payment
can be made to any bank, building society or credit union directly from
your loan using a valid BSB and account number (excludes credit cards).
Max $5000 per day. Not available during a fixed rate period. |
| Maximum
LVR |
90%
(Metro) & 75% (Country) for all loans up to $300,00085%
(Metro) & 70% (Country) for all loans up to $500,00075%
(Metro) & 60% (Country) for all loans up to $750,000 |
| Fees |
No
Monthly administration or ongoing fees |
| Application Fee |
$995
(includes GST) |
| Deferred Admin Fee |
A
DAF of 0.80% of the initial loan principal amount is payable if the loan
is fully discharged within four years of settlement and if the loan is £ $500,000
if > $500,000 the DAF is 1.00% within the first five years. |
| Security Discharge Administration Fee(SDAF) |
$350
is payable on full discharge of the loan - (effective 2 August 2004) |
| Government & Bank Charges |
For
example, mortgage duty, registration fees and property searches |
| Legal fees & disbursements |
Client
will pay costs associated with their own legal fees and disbursements |
| Other
Conditions |
- Land
Only, Construction Only or Land & Construction allowed
- Construction
must commence with 6 months of loan settlement & must be completed
within 12 months of settlement
- All
repayments to be made by electronic direct debit. Direct salary credit
available once loan converts.
- Lenders
Mortgage Insurance is required for all loans. Premium is payable by
the borrower if the amount borrowed is greater than 80% of the value
of the property (conditions apply)
- Break
costs will apply to fixed rate loans if fixed rate period is being broken
- Items
not included in contract/amendments to the contract to be paid for by
borrowers
- 1st
registered mortgage over residential property required as security on
all loans
|
This fact sheet provides general information only - Full details of the
loan are set our in the loan agreement - Conditions, fees & charges
apply. |
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