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