LO DOC 100% OFFSET LOAN
P. 134 nmc F. 1300 799 227 E. loans@nationalmortgage.com.au
Lo Doc Loans do not require supporting evidence of income (payslips, financial statements, tex returns etc.), for self-employed and PAYG borrowers, thereby reducing ther amount of paperwork borrowers are required to complete. The 100% Offset Loan is aimed at borrowers who want to be able to separately identify how much money they have and how much they owe but at the same time get similar interest benefits that can be gained from all-in-one loan products like a Line of Credit. It combines a fully featured loan with all the benefits of a 100% Offset account and lets the borrower see at a glance what their offset balance and loan balance is on their statement. The Offset Balance accrues interest at the loan rate and reduces the interest payable on the loan. This means that the borrower does not get charged interest on that part of the home loan that is equivalent to the offset balance on any given day.
FEATURES AND BENEFITS
• • • • • • • Construction available Funds available in the Offset Balance can be accessed through ATMs, Online Banking, Express Line and other standard means Available to self-employed and PAYG applicants, companies and trusts Telephone and Internet Banking available No financials required Complex deals made easy Switch to Full Doc deals anytime when financials are available and recieve a reduced interest rate
THE LOAN FACILITY
MINIMUM LOAN AMOUNT: MAXIMUM LOAN AMOUNT: LOAN TERM: LVR’S: APPLICANT TYPES: LOAN PURPOSE: Loan - $10,000 Offset - $0 (opening and operating) Loan - Not Applicable Offset - No Maximum. However the borrower receives no benefit (or interest) on any Offset Balance that exceeds the loan balance Maximum - 30 years Maximum LVR 80% Personal, Trust and Company borrowers • • • • • Yes Yes Variable Rate Offset - 100% Offset applies • Interest is calculated on the daily outstanding balance of the account and charged monthly • Interest accrued on the Offset Balance is offset against the interest accrued on the Loan Balance Available Interest Only (1- 10 years) or Principal & Interest Interest Only - Monthly Principal & Interest - Weekly, fortnightly or monthly Purchase or refinance an owner-occupied or investment property Construction of an owner-occupied or investment property Debt consolidation Equity loans for any worthwhile personal or investment purpose including unspecified cashout purpose (conditions apply) Go-Between Loans (refer to the specific NMC product sheet)
CONSTRUCTION: PORTABILITY: INTEREST RATE OPTIONS: INTEREST CALCULATION: VISA CARD / CASH CARD: REPAYMENT TYPE: REPAYMENT FREQUENCY:
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ADDITIONAL REPAYMENTS:
Additional repayments can be made to the variable rate (Principal & Interest and Interest Only) loan at any time. These payments may be in the form of higher fortnightly or monthly repayments, or lump sum payments. Additional repayments may be made by: 1) Increased regular repayment amount by direct debit 2) Personal cheque or Bank cheque 3) Automatic payment into the account 4) Internet transfer 5) Telephone transfer Interest Only - Available (minimum $500) Principal & Interest - Available (minimum $500) Available. (Minimum credit increase is $10,000) - Minimal updated information required Reduction in the rate will be considered when the Borrowers supply current financial information and tax returns that comply with lending guidelines Ability to switch all or part of the limit to another product subject to guidelines • Prime security 1st Registered Mortgage Residential property • 2nd Registered Mortgage may be considered as top-up security Required if above the accepted LVR or outside standard post code listing Refer to checklist 6 monthly
REDRAW: CREDIT INCREASES: RATE CONVERSION: PRODUCT CONVERSION: SECURITY: LENDER’S MORTGAGE INSURANCE: DOCUMENTS REQUIRED: LOAN STATEMENTS:
FEES
FEES - SETUP: • • • • Application fee $750 (Incl GST) Valuation fee depends on location and value of property (Est $300 per property) Settlement fee $110 (Incl GST) Lenders Mortgage Insurance depends on size of loan, LVR, and Regulated/Unregulated
FEES - ONGOING: DEFERRED ESTABLISHMENT FEES:
No account keeping or ongoing fees (Available for new loans only) 0 - 12 months 1.30% 13 - 24 months 0.98% 25 - 36 months 0.65% 37 - 48 months 0.33%
NMCABLLD100%OL - 15/01/2008
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