Lender Name

ST GEORGE BANK

Product Name

LOW DOC

Product Type

LO DOC - VARIABLE / INTEREST ONLY

Interest Rates

Latest Interest Rates

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Redraw Facility

Available on variable rate only nil minimum redraw amount and a redraw fee applies to each approved request..

Offset

As per product specifications - Interest offset facility available to help reduce the interest charged while still having access to funds at call. 100% offset (Mortgage Equaliser) only available on variable rate.

Fees

Establishment Fee  $750
Administration Fee $12 per month
Additional security fee $100
Redraw Fee Electronic $10
Manual $25
Increase Fee $395
Switch Fee  to Portfolio $350
Consent to Subdivision $350
Progress Payment Administration Fee  $250
Substitution of Security / Renegotiation $350
Discharge of Mortgage Fee $350
Discharge Settlement Processing Fee $100
Arrears Letter Fee $50
Settlement/Lodgement Fee:$ 100 per loan (Fee displayed as Mortgage Preparation )

LVR

Owner Occupied Maximum LVR 80%
Investment Maximum LVR 80%
Construction Maximum LVR 80%
Refinancing Maximum LVR 80%
Maximum LVR 80% for Self Employed
Maximum LVR of 70% for PAYG
Maximum LVR for Non Resident 60%
Maximum LVR for Vacant Land 60% case by case bases.

Repayment Type

Principal and Interest
Standard  1, 3 & 5 Years Fixed Rates
Interest Based 1 - 15 years

Repayment Options

Monthly repayments ONLY are allowed when paying Interest based
Repayments.
Principal & Interest
Fortnightly repayments are one half of the minimum monthly repayment.
Weekly repayments are one quarter of the minimum monthly repayment.
These weekly/fortnightly repayments are rounded up to the nearest dollar.
Progressive drawdown period repayments
During the construction period (until loan is fully drawn down) we currently accept repayments, which are equal to interest charged
for that period. At the end of the construction period, repayments will revert  to one of either P&I or Interest based.

Repayment Method

The monthly payment is the minimum amount a borrower is required to pay each month under the loan contract.
Automatic Transfer
Direct Debit (Outward Direct Entry)
Branch Payment / Internet / Phone Banking
Manual payments to the loan via these methods are also available. (Processing fee may apply).

Extra Repayments

Permitted without penalties on variable rate loans. Max $10,000 per year during the fixed rate term.
Principal Reductions Borrowers may nominate to pay extra payments
Break costs may be charged if customers repay any amount over $10,000 early in any 12-month period.

Special Offers

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

Term

Loan terms  Maximum 30 years
Principal & Interest (repayments) 1 - 30 years
Interest based (repayments) 1 - 15 years
At the end of the Interest based term the repayments automatically change to Principal and Interest for the remainder of the contract term.
Building Loans 1- 30 Years
Available for contract builders only. No Owner Builders.

Loan Size

Loan amounts from $50K
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 is required where LVR is greater than 60%
LMI can be capitalised.

Acceptable Income

PAYG income is used in the serviceability assessment. This applies to combined self employed - PAYG applicants,  except when the PAYG applicant meets full serviceability policy (ie income is evidence and or verified). In this case an 80% LVR will apply.
Exceptions will be considered by the Bank on a case-by-case basis.
Standard policy to apply except verification of income is not required.
Will need to confirm employment history meets eligibility requirements, i.e.:
Self employed- Provide borrowers ABN. We will use these details to
confirm borrower's) have been self employed for a minimum of 2 years.
PAYG employed App form to confirm employments for the last 30 months in the last 3 years plus letter from employer confirming length of employment
and that they have been employed for 30 months in the last 3 years.
Refinance other Bank- 6 months statements.
For other debts confirm payments are up-to-date. Borrower to provide
current loan statements  including last months
Valuations to confirm any rental income (investment loans only)
A new Affordability Statement has been produced. This statement will cover the following as a minimum:
That the customer is able to repay the loan without substantial hardship,
Confirmation that the customer has received and completed the Affordability Self Assessment do not send with loan submission.
The Affordability Statement is to be signed by the customer and returned to the Bank with the Application Form.

Product Change

Within the Low Doc product set only.

Statements

Statement issued every six months.

Portability

Yes.

Split Loan Facility

Splits are only available within the Low Doc product set (i.e.. Low Doc Variable and Low Doc Fixed).

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.

Security
Normal acceptable security is permitted, except as detailed below
The following security types are to be treated as policy exceptions
Vacant Land
Rural /Non Urban Zone real estate
Maximum LVR against these securities is 60% - see LVR policy above
The following security types are not acceptable
Security in a non prime lending area
Specialised security, i.e.. Hotel/motel rooms/converted warehouses/kit
homes/serviced apartments
Environmentally affected properties
2nd mortgages
Commercial property
3 rd party mortgages
3rd party guarantee (except company loans).

Target Market

The Low Doc Home Loan is a fully featured home loan that meets the market need for customers (new and existing) who are unable to provide income documentation for the Bank to verify their income.