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					                 FASTRefi
                 Fact Sheet.
                 Description
                 The Commonwealth Bank have implemented a process called FASTRefi® which enables refinancing to occur within days of the Bank
                 receiving the signed documents from the customer. Title insurance guarantees registration of the Bank’s mortgage and means refinancing
                 can take place faster. On receipt of the executed documents from the customer the Bank will deposit funds into the OFI (Other Financial
                 Institution) loan account to clear the debt; no physical settlement needs to occur.

                  How it works
                                                                               Mortgage
                                                                                                            Customer                    Bank pays out
                                                  Broker/Bank                  Services prepares
                  Customer applies                                                                          executes                    loan at OFI and
                  for refinance.          ‡       confirms eligibility
                                                  for FASTRefi®.
                                                                         ‡     the Loan
                                                                               Documents for
                                                                                                     ‡      documents and        ‡      funds refinance
                                                                                                            returns to Bank.            for customer.
                                                                               customer.

                  FASTRefi® is available for             •   SVR Home loans & Investment Home Loans.
                  these products                         •   Fixed Rate Home loans & Investment Home loans.
                                                         •   12 Month Discount variable rate.
                                                         •   1 Year Guaranteed Rate.
                                                         •   Rate Saver and 3 Year Rate Saver Home/Investment Home Loan
                                                         •   Low Documentation loans.
                                                         •   MAV/MAVPlus Package loans (excluding Line of Credit).
                  FASTRefi® option excludes              • Line of Credit.
                  these products                         • Business Loans.
                                                         • Bridging Loans.
                                                         • Overdrafts.
                                                         FASTRefi® option does not apply to refinancing HomePath, Colonial or Commonwealth Bank
                                                         loans to another brand (eg Colonial to Commonwealth Bank).
                  FASTRefi® criteria                     •   Loan is in personal name only;
                                                         •   Must not be a Transfer of Ownership.
                                                         •   Reflect same borrowers on both the OFI and Commonwealth Bank loans.
                                                         •   OFI must be on the acceptable OFIs list.
                                                         •   Not a refinance where security will also support a purchase settlement.
                                                         •   Refinance with a Top Up is acceptable provided additional security is not required.
                  The following on the                   • Caveats and Writs and Leases, (except where caveat can be removed prior to funding with
                  Title Search are out of                  no additional cost).
                  scope for the pilot                    • Charges and Leases.
                                                         • Court Order or Restraining Order.
                                                         • Unregistered Dealings
                                                         • Company Title or Native Title.
Page 1 of 2




                  Payout figures                         • For SVR loans – must not be more than 14 days old as at funding date. Balance may be
                                                           obtained from ATM or Internet.
                                                         • For Fixed Rate loans – must not be more than 7 days old as at funding date. Payout figure
                                                           must be in writing from OFI on the OFI letterhead.
                                                         • Loans > $750,000, are subject to First Title approval.
003-081 061207




                  Maximum amount
                  Fees and charges                       • No additional fees will be passed to the customer.
                                                         • The First Title fee will be borne by the Bank.
                 FASTRefi® is a registered trademark of First Title.
                  How it works

                  FASTRefi® Buffer                      An additional buffer needs to be added to the loan amount to cover excess charges. The
                                                        broker and customer must understand the buffer required for FASTRefi is not a fee but a
                                                        framework to ensure against shortfalls to have the loan cleared in one transaction. This money
                                                        may have otherwise been paid directly to the OFI under an attended settlement.
                                                        Surplus funds will be refunded to the customer directly by the OFI.

                                                        Buffer = One Month’s Regular Repayment + $500 + OFI Discharge Fee ($350 if unknown)

                                                        $500 - Required to be sent to the outgoing lender to cover additional loan expenses (early
                                                        repayment fee etc).
                  One month's                           The one regular month’s repayment amount is not an additional expense to the customer,
                  regular repayment                     this is only to cover the accrued interest otherwise payable to the OFI. If the monthly interest
                                                        charging cycle on the OFI loan has come to pass just prior to funding, and the customer has
                                                        met all monthly repayments, any surplus funds will be refunded to the customer. This additional
                                                        buffer is required as in the majority of cases for variable rate loans the payout figure provided by
                                                        the customer is only an account balance not a verified payout figure from the OFI.
                  OFI Discharge Fee                     This will be held by the Bank and released to the OFI once Title Deeds are released.
                                                        (Approximately $350 depending on OFI.)
                  Example                               The customer wishes to refinance and borrow $350,000. Their regular monthly loan repayment
                                                        is $2,000.
                                                        The total amount the customer would apply for is: $350,000 + $2,000 + $500 + $350 =
                                                        $352,850
                  LMI                                   LMI will not be required where the buffer extends the customer over 80% LVR (or 60% LVR for
                                                        Low Documentation Loans). These applications will need to be accepted by the state credit
                                                        area (TPCS).
                                                        However, LMI will not be automatically waived if the original loan amount is in excess of the
                                                        80% LVR (or 60% LVR for Low Documentation Loans) prior to the buffer being added.
                                                        Note:
                                                        For Standard Applications - Max loan amount (Loan amount inclusive of buffer) is:
                                                        95% LVR or 97% capitalised.
                                                        For Low Documentation Applications - Max loan amount (Loan amount inclusive of buffer) is:
                                                        80% LVR or 82% capitalised.
                                                        If loan amount (inclusive of buffer) exceeds 97% LVR (or 82% LVR for Low Documentation
                                                        Loans) the loan can not proceed as a FASTRefi®.
                  FASTRefi® Notation                    • For online applications, the following notation needs to be input to the notes field and
                                                          recorded on the top of the Third Party Banking Home Loan Application Coversheet
                                                          Documentation checklist from Agent (001-286) when submitting supporting documentation:
                                                            “FASTRefi CRITERIA MET”
                                                        • For faxed applications, the following notation needs to be recorded to the top of the
                                                          Home Loan Application form (COL2024) and the Home Loan Application Coversheet
                                                          Documentation Checklist from Agent (001-286) when submitting supporting documentation:
                                                            “FASTRefi CRITERIA MET”


                                                        • The OFI details must be captured in the application section “Details of loan/s to be
                  OFI Details
                                                          refinanced”.
                                                            It is mandatory the Existing Lender, BSB, Account number, and Loan Balance are captured
                                                            for the loan to proceed as a FASTRefi.

                  OFI loan Statements                   Three months of OFI loan statements must be obtained for refinance to be eligible under
                                                        FASTRefi®.
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                                                        Statements must be sent with the supporting documents to Mortgage Services.
                                                        The latest transaction appearing on the loan statement must be no older than 60 days as at the
                                                        proposed funding date.
003-081 061207




                 Commonwealth Bank of Australia ABN 48 123 123 124

				
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posted:7/19/2011
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