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 |
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This fact sheet provides general information only – Full details of the loan are set our in the loan agreement – Conditions, fees & charges apply. |