with MASTERCARD and/or CHEQUE option
|
|
Purpose |
This
facility is similar to an overdraft facility or credit card account, except
that both principal and interest are repaid over time in regular instalments |
| Loan
Size |
From
$30,000 to $2,000,000 per security property (conditions apply. If LOC
is stand-alone Max amount is $500K LVR 80%) |
| Term |
30
Years Only |
| Repayments |
Interest
Only for first 15 years (called the Revolving Credit Period) follow by
Principal and Interest for the remainder of the loan term |
| Frequency |
Weekly,
fortnightly or monthly. The full repayment has to be received by the
2nd working day of the month |
| Convert
To Fixed Rate |
At
the end of the Revolving Credit Period, all or part of the loan can be
converted to a fixed rate loan |
| Split
Loan Facility |
Up
to 4 separate splits per facility. Transfer funds between splits using
Inter Account Payment facility |
| Withdrawls |
Available
when required. Minimum re-draw $50 when using Loan Service Line or Loan
Service Net for all variable rate loans |
| Pay
Anyone |
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). |
| Card
Access |
A
Card providing direct access to funds available in the loan is available
for each Line of Credit account |
| Cheque
Access |
Cheque
Book access to funds available in the Line of Credit account is available
for each Line of Credit account. |
| Maximum
LVR |
90% for
all loans (conditions apply) |
| Fees |
No
Monthly administration or ongoing fees |
| Application Fee |
$395
(includes GST) |
| Deferred Admin Fee
(DAF) |
A
DAF is payable based on the initial loan principal if the loan is fully
discharged. This is scaled as follows:
£ $500,000 - 0.80% 1st 4yrs,
if > $500,000 - 1.00% 1st 5yrs |
| 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 |
- At
the end of the Revolving Credit Period any unused credit limit is cancelled
and principal and interest payments are then made on the outstanding
balance
- All
repayments to be made by electronic direct debit
- 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
- 1st
registered mortgage over residential property required as security on
all loans
- Annual
card fee of $35 is waived for the first year, also waived for subsequent
years if credit card purchases exceed $8,000 p.a
- Cheque
Book available $20 for book of 30 cheques
|
This
fact sheet provides general information only - Full details of the loan
are set our in the loan agreement - Conditions, fees & charges apply. |
This object requires Flash and Javascript installed and enabled
