Second Chance Program
A Home or Investment Loan.
Maximum loan amount:
$ 750,000 up to 90% LVR $ 1,500,000 up to 80 % LVR
10 to 30 years Principle and Interest or Up to 5 years Interest Only $ 330- inclusive of GST. To be quoted As per mortgage contract
(higher $ amounts maybe possible on a Lower LVR )
Loan Terms: Application Fee: Valuation Fee: Legal Fees: Other Fees:
Settlement Fee: May be payable subject to Product type. Credit Risk Fee: May be payable subject to LVR Credit history matrix
Type of impairment Mortgage Arrears (months)
Category Current
Clear Alternative 0
1st 0
2nd 1
3rd 2
4th >2
Historic: Last six months Defaults and Judgements Bankruptcy History (Max No.)
0
1
2
3
>3
0
1
2
3
>3
Current Status
No history
Discharged > 3 years
Discharged > 2 years
Discharges > 1 year
Discharged
* A paid telco or utility default under $1,500 is disregarded for credit assessment purpose.
11 January 2008
Second Chance product summary guide
Full Doc $ Sizes
Maximum LVR Clear Alternative 60% 65% 70% 75% 80% 85% 90% $ 1,500,000 $ 1,500,000 $ 1,500,000 $ 1,500,000 $ 1,500,000$ 750,000$ 750,0001st Alternative $ 3,000,000$ 3,000,000$ 2,000,000$ 1,500,000$ 1,000,000$ 750,000$ 750,0002nd Alternative $ 2,000,000 $ 1,500,000 $ 1,500,000 $ 1,500,000 $ 1,000,000$ 750,000 $ 750,000 Credit Risk Level 3rd Alternative $ 1,500,000$ 1,000,000$ 1,000,000$ 750,000$ 750,000N/A N/A 4th Alternative $ 1,000,000 $ 1,000,000 $ 750,000 $ 750,000 $ 500,000 N/A N/A
Quik doc $ Sizes
Maximum LVR Clear Alternative 60% 65% 70% 75% 80% 85% 90% $ 1,500,000 $ 1,500,000 $ 1,500,000 $ 1,500,000 $ 1,500,000 $ 750,000 $ 750,000 1st Alternative $ 3,000,000 $ 2,000,000 $ 2,000,000 $ 1,500,000 $ 1,000,000 $ 750,000 $ 750,000 2nd Alternative $ 2,000,000 $ 1,500,000 $ 1,500,000 $ 1,500,000 $ 1,000,000 $ 750,000 $ 750,000 Credit Risk Level 3rd Alternative $ 1,500,000 $ 1,000,000 $ 1,000,000 $ 750,000 $ 750,000 N/A N/A 4th Alternative $ 1,000,000 $ 750,000 $ 750,000 $ 500,000 $ 500,000 N/A N/A
For Rates please refer direct to Bettaway Home Loans
Clear Alternative Criteria: Nil mortgage arrears as defined below and no paid/unpaid defaults, judgements or bankruptcy. 1st to 4th Alternative only: All defaults/judgements under $1,500 are disregarded for credit assessment purposes. All defaults and judgements paid more than two years ago are disregarded.( Except Clear Alternative ). Definition of Mortgage Arrears (all products) Current: Actual current amount of arrears divided by monthly repayment equivalent e.g. $5,000 current arrears / monthly repayments of $2,500 = 2 Historic (Last 6 months): Number of times required repayments have fallen overdue by more than one month
11 January 2008
Fees and charges
Lender Settlement fee – payable by borrower and can be deducted from settlement funds FullDoc and Quik Doc Quik Equity Credit Risk fee – payable by borrower where LVR is greater than 80 %and may be deducted from settlement funds Vacant Land Loading (To be added to rate if security is vacant land.) (Please note LVR restrictions for vacant land on page 9) Valuation and Legal fees – payable by borrower, can be deducted from settlement funds. Cost determined by valuer and settlement agent. Interest-Only Loading (To be added to rate if borrower requires Interest-Only facility. Full Doc and Quik Doc programs only. Interest-Only is not required for Quik Equity program.) Discharge Administration fee 1st Year 2nd Year 3rd Year 4th Year $ 750$1750% Based on Loan amount 0.25% Varies by state
0.25%
$250 3.50% 2.50% 1.50% 0.50%
Deferred Establishment Fee (DEF)
11 January 2008