Lender Name

ST GEORGE BANK

Product Name

NO DEPOSIT LEF OPTION

Product Type

VARIABLE/FIXED

Interest Rates

Latest Interest Rates

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Redraw Facility

Available on variable rate Principal & Interest loans subject to the bank approval. No Minimum redraw amount subject to bank approval.

Offset

Mortgage Offset Available. (100% offset (Mortgage Equaliser) only available on variable rate loans.)

Fees

Establishment Fee $750 includes Legal, Valuation on one property and Admin Fee reduced savings account when nominated for the loan repayment.
Loan Extension Fee - LEF applicable on applications with LVR greater than 80%.
Early Termination Fee 1.5% in first 3 Years
No minimum redraw amount
Redraw Fee Electronic $10
Manual Redraw Fee $50
Increase Fee $395
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
Progress Payment Administration Fee  $250
Progress Payment Final Inspection Fee  $102.50
Arrears Letter Fee $50
Settlement/Lodgment Fee:$ 100 per loan (Fee displayed as Mortgage Preparation).

LVR

Owner Occupied Maximum LVR 100%
Investment Maximum LVR 100%
Construction Maximum LVR 100%
Refinancing Maximum LVR N/A
Increase to an existing No Deposit Home Loan
Home Improvements by contract builders only 100%
No Genuine Savings is  required

Repayment Type

Principal & Interest for Owner Occupier &
Fixed option is available upon the completion of the dwelling.

Repayment Options

Weekly Fortnightly Monthly allowed on Principal & Interest Loans.

Repayment Method

Automatic Transfer from a St George savings account, Direct Credit, Manual Payments, BPay and phone and Internet Banking.

Extra Repayments

Extra Repayments: Available on Principal and Interest variable rate loans.
For fixed rate loans, additional payments of up to $10k per 12 month period during the fixed rate period without incurring any break cost.

Special Offers

Term

30 Years

Loan Size

Minimum $50K
Maximum Loan $750K
Maximum loan $750K. Capital and major regional centre - refer to No Deposit Home Loan Locator for remaining allowable security locations

Mortgage Insurance

No Lenders Mortgage Insurance  Loan Extension Fee applicable.

Acceptable Income

PAYE employees. Approval to be obtained on an individual basis per application. Investors profile minimum net assets of $100K  or at least 20% equity in their own home (minimum value $50K) and minimum income of $50K one borrower.

Product Change

Borrowers with a St George No Deposit Home Loans may have the interest rate reduced or switch to either a standard variable or fixed rate providing Loan has been in existence for at least 12 months.
There have been no arrears on the loan.
Updated valuation required to bring the LVR to 80% or less.
A customer with a No Deposit Quick Start Option may switch to another No Deposit Home Loan (LEF or Flexible Deposit) product after 3 years if at this time the loan has an LVR, which is less than 100%.
A customer with a No Deposit Quick Start Option may switch to our standard home loan products after 3 years if at this time the loan has an LVR which is less than 95% and meets all the other product parameters/lending criteria for the product.
If a customer wishes to switch to a No Deposit LEF Option within 3 years - they can do this upon payment of the LEF fee.

Statements

Issued ever six months

Portability

Not available.

Split Loan Facility

Yes available.

Special Notes

Documents required for unconditional approval
1- Builder Specifications
2- Standard Building Plans
3- Builders Tender
4- Site Plan
Documents required for settlement instructions to be provided to Bank Solicitor: -
1- Building Plans/Working Drawings
2- Fully Signed and Completed Building Contract
Note: Tender and/or contract must
State the address of the property
State the cost of building in accordance with the plans and specifications
State the builders licence number
Be a firm tender for a minimum of 60 days
Be no more than 2 weeks old for a 60 day tender, or no more than 6 weeks old for a 90 day tender at the time of application
Applicants will be required to have the difference between the tender/contract and loan amount in a St.George account, or through the sale of a property, as these funds will be contributed in full prior to the release of any loan funds.
Please note that should the building agreement/contract differ from the tender by way of inclusions, finishes and/or cost then the following action will be taken: -
Client is to meet cost increase (where applicable) and/or
Additional valuation must be ordered (where applicable) at the expense of the client.  This will impact on time required to prepare for land settlement
Please note also that settlement instructions will not be provided to the bank solicitor to prepare for settlement until the fully executed building contract is produced.  A realistic settlement time based on the production of the building agreement MUST be sought.
Applicants will be able to provide individual quotes for the required minimums in the building contract.
Applicants will now be able to provide quotes for the minimum Building Loans.
This only applies to applicants in South Australia and the security property must be located in South Australia.
They are as follows:
Driveways from the footpath to the front of the dwelling

Flooring that is carpet or boards tiling or vinyl

Written quotes must be provided and to be provided by a reputable licensed contractor and must be inclusive of GST installation and or labour costs.
SCHEDULE A  NO DEPOSIT HOME LOAN ACCEPTABLE SECURITY LOCATIONS refer to BDM or http://www.stgeorge.com.au/brokers/.

Target Market

The St.George No Deposit Home Loan   is now an option for customers who do not meet traditional mortgage insurance savings requirements, but need a flexible home loan to purchase their own home; i.e. newly built or established.
Refinances not available on this product
Available for Construction Loans Variable Rate, House and Land Packages and Strata Units and Townhouses
A No Deposit Home Loan customer would be someone who has newly
graduated from university and is now in stable employment, or perhaps a younger borrower who has not yet had time to establish themselves and save a deposit
Who has sufficient income to afford to buy a more expensive house but has less than 5% deposit
Who has a good income but has lost assets in a divorce settlement.
Who have a deposit but who would prefer to use their own funds for purchases after they move into their new home, such as furniture, or renovations.