|
Lender Name |
ST GEORGE
BANK |
|
Product Name |
PORTFOLIO
LOAN |
|
Product Type |
LINE OF
CREDIT |
|
Interest
Rates |
Latest
Interest
Rates
Compare
Other
Lenders |
|
Redraw
Facility |
Borrowers
can draw
back up to
approved
limit. |
|
Offset |
Borrowers
can draw
back up to
approved
limit on
variable
rate
sub-accounts. |
|
Fees |
Application
Fee:$700
(Split
Facilities
$154 ea)
Settlement/Lodgement
Fee:$ 100
per sub
account (Fee
displayed as
Mortgage
Preparation
)
Additional
Securities:$100
Legal Fee,
Plus Govt.
Costs.
Additional
Valuations:$0
Valuers
travelling
allowance
payable by
customer.
Redistribution
of Limits:$
10 per
redistribution
Applicants
have an
option to
choose to
pay one
annual fee
for up for
up to 10 sub
accounts or
pay a
monthly fee
Administration
Fee:$14 per
month or
capped
Annual Fee
$200
Unlimited
free Phone
and Internet
Banking
transactions.
No Annual
Review Fee
or Unused
Limit/Line
Fee
Increase Fee
$395
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
Early
Termination
Fee:$1,000
if loan
discharged
in the first
3 years,
Negotiable
Rate on sub
accounts. |
|
LVR |
Owner
Occupied
Maximum LVR
90%
Investment
Maximum LVR
90%
Construction
Maximum LVR
90%
Refinancing
Maximum LVR
85%
Up to < 80%
for Vacant
Land as a
single
security
LVR > 80%
LMI
LVR 85% for
Refinance
with or
without
consolidation
of Debt
LVR 90% for
Purchase,
Construction. |
|
Repayment
Type |
Minimum
payment of
Interest
plus fees
and charges
accrued
during the
month.
Capitalisation
is allowed
within the
limit on sub
accounts
where a
fixed or
variable
interest
rate has
been
selected
not
available
for primary
sub-account. |
|
Repayment
Options |
Interest
Only plus
monthly
admin fee.
Capitalisation
of monthly
repayments
on all
sub-accounts
(both
unregulated
and
regulated)
except the
Primary sub-account.Selected
customers
can request
a repayment
profile to
better suit
their
individual
needs. |
|
Repayment
Method |
Salary
Direct,
Internet,
GiroPost. |
|
Extra
Repayments |
Principal
Reductions
allowed at
any time on
variable
rate sub
accounts.
Portfolio
Loans with a
negotiated
variable or
fixed
interest
rate will
be charged
the $1K
Portfolio
Loan
Discharged
Fee if the
loan is
discharged
within 3
years of the
settlement
date. |
|
Special
Offers |
See
Advantage
Package. |
|
Term |
Evergreen
(No Term). |
|
Loan Size |
Minimum
Limit $10K
Second and
Subsequent
Sub Accounts
$2K minimum
limit. |
|
Mortgage
Insurance |
Mortgage
Insurance
applicable
if LVR is
over 80%. |
|
Acceptable
Income |
Self
employed,
Salary &
Wage
earners.
Serviceability
Ratio LVR
<=80% and
loan does
not require
LMI - 1.00
times.
LVR <=90%
and LMI is
required -
1.10 times
LVR is >90%
and LMI is
required -
1.10 times
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 |
Issued
monthly. |
|
Portability |
Yes. Trading
Name can now
be added to
any
subaccount,
including
the primary
sub-account,
of a
Portfolio or
Low Doc
Portfolio
loan. |
|
Split Loan
Facility |
Yes. Trading
Name can now
be added to
any
subaccount,
including
the primary
sub-account,
of a
Portfolio or
Low Doc
Portfolio
loan. |
|
Special
Notes |
Acreage over
10 acres
must have
dwelling on
property
Procedures
for Loan
Increases
for existing
St George
Housing Loan
clients
This new
process
covers
increases up
to $100,000
for both
PAYG and
self-employed
customers.
An existing
customer can
have
successive
add-ons up
to an
aggregate of
$100,000
within a 12
month period
Customer's)
must
complete a
Finance
Application
Form and
affordability
statement
If another
property is
being
included or
different
debtor then
a full
Application
and
assessment
is required
Only
available
for existing
residential
mortgage
customers
with a
12 months
satisfactory
credit
history and
no LMI
required. (St.George
lenders will
confirm
existing
Home Loan
and/or
Portfolio
Loan account
conduct
details at
acquisition
of file)
Refinances -
Borrowers
Statements 6
months for
housing
loan.
Acreage
greater than
10 acres
refer to
BDM.
Heritage
case by case
refer to
BDM. |
|
Target
Market |
People who
want to own
their own
home sooner.
People who
have greater
than 10%
equity in
their
property/s.
People who
have a
number of
different
borrowing
and
lifestyle
requirements. |
