| Full Doc Features |
Benefits |
|
Markets
|
All markets except credit impaired
A highly competitive alternative to bank finance for individuals, Companies, Sole Traders, Partnerships, Trusts |
|
Loan Purpose
|
Purchase, refinance, consolidation, business purposes, construction |
|
Minimum Loan
|
$300,000 (min loan account of $10,000, LOC $5,000) |
|
Maximum Loan
|
$2,500,000
|
|
Maximum LVR
(Loan to Value Ratios) |
| Loan Size |
Purchase |
Refinance
|
| $300,000 - $2,500,000 |
80% |
80% |
|
|
| Lenders Mortgage Insurance (LMI) |
Paid by borrower above 80% LVR
|
|
Term of Loan
|
Nominal term may be 10,15,20,25,30 years
|
|
Repayment Method
|
Principal & Interest
(P&I), Interest Only (IO) Line of Credit up to 10 years.
|
|
Interest Rate Options
|
Variable, 2, 3 & 5 Year fixed |
|
Interest Rate Switching
|
Yes
|
|
Line of Credit
(LOC)
|
Yes, if stand alone max
80% LVR |
|
Structure
|
Up to 4 separate loan accounts
|
|
| Security Type |
Residential units or houses (completed), maximum rural 50 hectares/123 acres (Mortgage
Insurance guidelines apply), vacant land (restrictions apply) |
|
Security Restrictions
|
Most country areas are acceptable, however, mortgage insurers may impose additional restrictions |
|
Repayment Options
|
Weekly, Fortnightly, Monthly, Once off payments accepted
|
|
| Accelerated/Additional Repayments |
Yes, at any time unless rate is for fixed period
|
|
Redraw
|
Yes at no cost (up to available funds)
|
|
Minimum Redraw
|
$50 (no fees)
|
|
| Access |
Internet 24/7, Telephone Banking
|
|
Debit Card
|
Yes, LinkLoan MasterCard™, up to 31 days interest free on cash (more information on LinkLoan Zero Interest MasterCard) |
|
Cheque Book
|
Yes
|
|
Account /Transaction Fees
|
No ongoing fees & charges
|
|
Payments In/Out
|
Pay anyone, Direct Debit/Credits, Salary, EFT, account transfers |
|
Payment Re-amortisation
|
Yes
|
|
Transfer of limit
|
No
|
|
Partial Drawdown at Settlement
|
Yes
|
|
Cross collateralization
|
No - each loan is a stand alone facility
|
|
Statements
|
January & July – Separate statement for each account
|
|
Annual Fee
|
$395 pa (payable annually in arrears on loan anniversary)
|
|
Application Fee
|
$500 as stand alone facility payable at settlement
|
|
Valuation Fee
|
$250 for one property up to $500,000 (payable on application by card debit). Additional cost may apply for larger, additional & country properties. |
|
Legal Fees
|
$300 + $250 + disbursements (may vary slightly)
|
|
Borrower Legal Fees (purchases)
|
At borrowers expense
|
|
Substitution of Securities
|
Yes, admin fee plus legal & valuation fees
|
|
Deferred Administration Fee
|
1.8% of
initial loan amount if discharged in
1st year, 1.6% in 2nd
year, 1.2% in 3rd year,
0.8% in 4th year & 0.5%
in 5th year |
