|
Lender Name |
ST GEORGE
BANK |
|
Product Name |
GUIDELINES
FOR NON
RESIDENT
LENDING |
|
Product Type |
NON RESIDENT |
|
Interest
Rates |
Latest
Interest
Rates
Compare
Other
Lenders |
|
Redraw
Facility |
Yes Redraw
Fee
Electronic
$10
Manual $25.
Refer
individual
product
specifications. |
|
Offset |
Yes fees
apply. Refer
individual
product
specifications. |
|
Fees |
Application
Fee:$600/700
Settlement/Lodgement
Fee:$ 100
per loan
account (Fee
displayed as
Mortgage
Preparation
)
Monthly
Service Fee:
minimum of
$10 pm
(various
according to
product
selected)
Multiple
Securities:$100
Fixed Rate
Repayment
Fee this fee
will apply
to home
loans that
are fully
discharged
before the
end of their
fixed rate
period :
$150
Redraw Fee
Electronic
$10
Manual $25
Increase Fee
$395
Switch Fee
to LIS $350
Switch Fee
to Portfolio
$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
Progress
Payment
Administration
Fee $250
Progress
Payment
Final
Inspection
Fee $102.50
Arrears
Letter Fee
$50 |
|
LVR |
Owner
Occupied
Maximum LVR
95%
Investment
Maximum LVR
95%
Construction
Maximum LVR
95%
Refinancing
Maximum LVR
90%
Debt
consolidation
Maximum LVR
90%
Max: 80% for
Loans Not
fully
self-supporting
in
Australia.
Max: 95% for
Loans Fully
self-supporting
in
Australia. |
|
Repayment
Type |
Principal &
Interest and
Interest
Only
Interest
Only - max.
15yrs -
Monthly.
All interest
only loans
will be
Combination
Loans, ie
Interest
Only for up
to 15 years
reverting to
Standard
Variable
Rate (or
Basic as
applicable)
at P & I. |
|
Repayment
Options |
Principal
and Interest
- Weekly,
Fortnightly
and monthly.
Interest
Only -
monthly
payments
only
Early payout
penalties
may apply.
Interest
Only Loans
revert to
Standard
Variable (
or Basic as
applicable)
P & I after
I/O term at
which time
they may be
renegotiated. |
|
Repayment
Method |
Auto
Transfer,
Internet. |
|
Extra
Repayments |
Yes
permitted on
P & I Loans
or Portfolio
Variable
Additional
repayments
now allowed
on Interest
Only Loans
(fixed rate
loans still
have the
standard
restrictions). |
|
Special
Offers |
See
Advantage
Package. |
|
Term |
30 Years. |
|
Loan Size |
$100K
Minimum |
|
Mortgage
Insurance |
LMI payable
when LVR is
>80%. |
|
Acceptable
Income |
Self
employed,
Salary &
Wage
earners.
Serviceability
up to LVR
80%
Resident and
serviced
apartments
1.25 x
On Income
Calculations
Worksheet
use 2% of
limit,
highest
balance in
the last 3
mths, or nil
limit if
card cleared
each month
for the last
3 mths
For
Investment
Loans
calculate 12
months worth
of interest
at the
qualifying
rate and
take this
amount off
taxable
income
before
assessing
for tax. |
|
Product
Change |
Yes |
|
Statements |
Refer
individual
product
specifications. |
|
Portability |
Yes. |
|
Split Loan
Facility |
Yes. |
|
Special
Notes |
Non resident
deals are to
be prepared
in exactly
the same way
as if the
client
resides in
Australia
Servicing
ratio 1.25
times
Acreage
greater than
10 acres
refer to
BDM. |
|
Target
Market |
Any person
who resides
permanently
out of
Australia
and is not
an
Australian
Citizen.
OR An
Australian
Citizen
abroad for
more than 6
consecutive
months. |
