| Loan Purpose |
The
purchase or refinance of a loan with first ranking security over an owner
occupied residential existing dwelling.
Funds may be advanced for approved investment or private purposes. |
| Applicants |
Applications
may be received from individuals, companies and trusts in line with credit
criteria. |
| Maximum Amount |
$500,000
($750,000 in Sydney metro area) |
| Minimum Amount |
$50,000 |
| LVR |
95%
LVR Metro areas
90%
LVR Approved Regional areas |
| Loan Term |
30
years (default). Also available
15, 20 and 25 year terms |
| Interest Rate Options |
Variable
(fixed rate options may be made available in the future) |
| Interest Calculation |
Interest
is calculated on the daily closing outstanding balance and debited monthly
in arrears, on the monthly anniversary of settlement |
| Sub Loans |
One
loan may be split into four separate sub loans.
There will be no additional fees charged for establishing
multiple sub loans (however, a loan switching fee may apply) |
| Statements |
Six
monthly, except where the UCCC requires otherwise |
| Repayment Type |
Principal and interest, OR
Interest only for initial 1,
2, 3, 4, or 5 years, then principal and interest for the remainder of
the loan. |
| Additional Repayments |
Additional repayments are permitted
at any time on variable rate loans |
| Fees |
$6
monthly administration fee |
| Establishment Fee |
$350
which is payable to Möbius & deducted from settlement proceeds |
| Application Fee |
To
be set by Originator, (maximum $550 plus GST) to include valuation &
solicitor fees |
| Deferred Establishment Fee |
Within
1 year - 3%, Between 1 and 3 years - 2.5%, Between 3 and 5 years - 2%,
Over 5 years - Nil. |
| Redraw |
Minimum
$2000, no fee to redraw, manual process at this stage |
| Lenders
Mortgage
Insurance (LMI) |
All
loans will require the borrower to pay an LMI premium. The amount of the premium will be advised
at the time of application.
|
| Credit Restrictions
|
All applicants to the
loan must have an unblemished credit history over the last five
years as evidenced by a Baycorp Advantage
Credit report |
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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