| High LVR investor Loan Guide |
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High LVR Investor loan guidelines.
Purpose: Purchase Investment Property. No construction.
Rate Type: Variable Rate or 3 Year fixed rate.
Repayment Terms: Principal & Interest max term 30 years with an interest only period Of 3 years available.
Max Loan Size: House. Unit. NSW - $1,000,000- $ 850,000- QLD - $ 750,000- $ 600,000- VIC - $ 800,000- $ 700,000- ACT - $500,000- $ 400,000-
Other States conditions apply.
Min Loan Size: $200,000- in all States.
Deposit Required: Nil. Costs included in loan to a Max 106% LVR.
Application Fee: $800- includes valuation to 1 property. Paid upfront but can be included In the loan and refunded to client at settlement.
Building & Pest Inspections: A further $700- is required for Building and Pest inspections as part of the settlement expenses. Reports are issued to the lender and applicant and are done by a financier approved inspection Company.
Mortgage Risk Fee: 2.75% inclusive of GST of the loan paid prior to settlement or from Loan proceeds.
Deferred Mortgage Risk Fee: A fee of 1.03% of the original loan amount is payable in full if the loan is discharged within the first 60 months of settlement.
Deferred Margin fee: If the loan is repaid within 60 months of settlement, a fee of 2.50% of the original loan amount is payable.
Lenders Mortgage Insurance: Nil.
Credit Assessment: A servicing ratio of 1.30 times is required. Income includes PAYE income at 100%, Average of latest 2 years income for self employed, and rental income at 70% of gross amount. Assessment rate is 1% above the variable rate that applies for P&I Loans. Employment stability for PAYE to be 6 months in current job and 2 years continuous employment in the same or similar industry with not more than 2 employers. Self employed – Business must have been operating for 3 years minimum. Credit history must be clear of anything adverse.
Interest Rates: Currently Variable Principal & Interest 8.50% or Fixed Interest only for 3 years at 8.80%.
Should you require any further information please call Greg Vidler on 8568-5888.
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