|
Lender Name |
AMP |
|
Product Name |
PROFESSIONAL
PACKAGE LOC |
|
Product Type |
LINE OF
CREDIT |
|
Interest
Rates |
Comparison
Rate
Schedule
Latest
Interest
Rates
Compare
Other
Lenders |
|
Repayment
Type |
LOC:
Principal &
Interest and
Interest
Only
Fixed:
Principal &
Interest and
Interest
Only |
|
Repayment
Options |
IO Monthly
only |
|
Repayment
Method |
Scheduled
Payments by
direct debit
or salary
credit.
Extra
repayments
at any time
by
electronic
transfer, by
mail or
deposit made
at Australia
Post. |
|
Extra
Repayments |
Yes at any
time by
electronic
transfer, by
mail or
deposit made
at Australia
Post. |
|
Special
Offers |
|
|
Term |
Line of
Credit
Mininum 20
years
Maximum term
30 years
Maximum term
Interest
Only 10
years. |
|
Loan Size |
Minimum
$100K
Maximum Line
of Credit
$1M |
|
Mortgage
Insurance |
Applicable
if LVR is
over 80%
(Based on
Zone 1. LVRs
lower for
other
zones). |
|
Acceptable
Income |
PAYG, Self
Employed,
Salary &
Wage Earners |
|
Fees |
Establishment
Fee $0
Settlement
Fee of $295
(Displayed
as Mortgage
Prep Fee)
Legal Fee
$295
(Displayed
as Mortgage
Prep Fee)
Annual
Package Fee
$349
(payable at
settlement
then
annually)
Master Limit
Application
Fee $200
LMI
processing
Fee $100 (in
addit |
|
Offset |
Not
available. |
|
Redraw
Facility |
Yes. No
minimum
redraw
amount or
fee except
where
BankAssist
where min is
$2,000
amount with
a $50 fee. |
|
Product
Change |
$0 under
Master
Limit.
$350 if not
under Master
Limit. |
|
Statements |
Line of
Credit
statements
are issued
monthly |
|
Portability |
Yes
generally
with
simultaneous
settlement. |
|
Split Loan
Facility |
Available -
up to 10
splits
permitted
for free
with min
$10,000 per
split.
Additional
splits
available
include
Professional
Variable,
Fixed Rates,
Basic Loan
and Business
Classic
Loan. |
|
Special
Notes |
Available in
Personal,
Company and
Trust names.
Master Limit
option
allowing
unlimited
loan
sub-limit
variations
with
pre-approved
limit for
$100 at
settlement. |
