Lender Name

ST GEORGE BANK

Product Name

LOW DOC PORTFOLIO

Product Type

LOW DOC

Interest Rates

Latest Interest Rates

Compare Other Lenders

Redraw Facility

Borrowers can draw back up to approved limit on variable rate sub-accounts only.

Offset

Principal Reduction will reduce debt therefore reduces interest charged on debit loan amount

Fees

Establishment Fee $750 (plus $100 for each additional sub-account after the primary subaccount)
Applicants have an option to choose to pay one annual fee for up for up to 10 sub accounts or pay a monthly fee
Annual Fee $250 or
Administration Fee:$17 per month
Settlement/Lodgement Fee:$ 100 per sub account (Fee displayed as Mortgage Preparation )
Additional Valuations:$0 Valuers travelling allowance payable  by customer.
Additional security fee $100
No Annual Review Fee or Unused Limit/Line Fee
Increase Fee $395
Switch Fee  $350
Rate Lock Fee $395 to 0.15% of the loan amount or $395 (whichever is higher)
Consent to Subdivision $350
Substitution of Security / Renegotiation $350
Discharge of Mortgage Fee $350
Discharge Settlement Processing Fee $100
Arrears Letter Fee $50
Early Termination Fee:$1,000 if loan discharged in the first 3 years, Negotiable Rate on sub accounts.

LVR

Self Employed
Owner Occupier Maximum LVR 80%
Investment Maximum LVR 80%
Refinance Maximum LVR 80%
Debt Consolidation Maximum LVR 80%
Construction N/A
PAYG Maximum LVR 70%
Land Maximum LVR 60 %

Repayment Type

Interest Only Variable and 1, 3 & 5 Years Fixed Rates.

Repayment Options

Borrowers are required to make minimum monthly repayments on all Low Doc subaccounts.
The minimum repayment is the total of interest, fees and charges and is shown on the monthly sub-account statement.
The minimum repayment must be paid by the due date (which is the last
banking day of the month after the month covered by the statement).
A minimum repayment for a Low Doc sub-account cannot be paid from that Low Doc subaccount or by drawing a cheque on that Low Doc
sub-account. A transfer between Low Doc sub-accounts may be used
to make a repayment, and these may be processed via a request for
periodical payment or automatic funds transfer.

Repayment Method

Salary credit
Cash deposit
Cheque deposit
Phone or internet transfer
Automatic funds transfer or periodical payment.

Extra Repayments

Permitted principal reductions of $10,000 for each 12 month period of the fixed rate period.

Special Offers

Low Doc Portfolio ProPack discounts are:
Up to $249,999 0.00%
From $250,000 to $349,999 0.60%
From $500,000 and above 0.70%
Low Doc Portfolio Loan.

Existing Low Doc and Low Doc Portfolio customers who increase their total borrowings by $100,000 or more (previously $200,000) will be entitled to these discounts. This requirement extends to existing standard Low Doc customers who would like to switch to
Low Doc Portfolio Loan to take advantage of the discounts. Standard fees apply for the change of interest option, or the switch to Low Doc Portfolio Loan. Customers taking advantage of the new rate discounts should be aware that a $1,000 Portfolio Loan discharge fee (for Low Doc Portfolio Loans) will apply if the loan is discharged within three years of settlement (new loans) or if discharged within three years of the Pro-Pack rate commencing.

Term

Evergreen ( No Term)

Loan Size

Minimum: $10K ($2,000 for each sub-account)
Maximum loan amount increased to $1 million when LVR exceeds 60%
Maximum loan amount increased to $1.5 million when LMI not required.

Mortgage Insurance

LMI applicable when LVR > 60%.

Acceptable Income

Self employed min 2 years.
PAYG (employed) borrowers.
Low Doc Affordability Statement is to be signed by the customer and returned to the Bank with the Application Form.

Product Change

Yes.

Statements

Issued  monthly.

Portability

Yes.

Split Loan Facility

Not applicable for this product. Sub Accounts may be added as required up to 10 sub accounts.

Special Notes

Acreage greater than 10 acres refer to BDM.

Low Doc loans for Non Residents are now available to a maximum LVR of 60% and maximum loan amount of $1.5m.

Target Market

Borrowers, who are self-employed, experience uneven cash flows or have their personal and business income and expense records combined who may find it difficult to meet a bank’s standard application requirements. Self employed borrowers who have been operating their business for two or more years. PAYG borrowers who have been employed for 30 months in the last 3 years.