Lender

Lender Name

BANKWEST

Product Name

EQUITY ACCESS

Product Type

EQUITY LINE

Interest Rates

Latest Interest Rates

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Target Market

Equity Access is an ongoing source of instant, low cost finance which is secured against the equity in your house.The facility is a revolving line of credit with the option of a MasterCard Debit. The loan has a fully fluctuating variable rate which can be used for personal purposes. The facility must not go in to credit at any time.

Repayment Type

Minimum requirement of Interest Only if limit is fully drawn.
Interest only available for investment loans up to a maximum of 5 years

Repayment Options

Weekly, fortnightly, or monthly

Repayment Method

Weekly, fortnightly, or monthly by PP or PDC

Extra Repayments

Surplus repayments permitted at any time.
Early Discharge no penalties apply.

Special Offers

Not provided

Term

Subject to annual review.

Loan Size

Minimum Loan $20K

Mortgage Insurance

Required on Loans with LVR  over 80%

Acceptable Income

Acceptable income: Self employed the last 2 years financials for all related parties where possible. Individual directors and any guarantor involved in the deal. Salary and wage earners.

Fees

Application Fee $700 (Includes 1 valuation and prepare all documentation) Application Fee in South Australia $350

Note Valuation for properties >than $1million contact lender for quote

Loan Maintenance Fee  NIL

Valuation Fee  If the valuation fee is above $200  or if the customers legal costs are above $300 the customer  will be required to pay the additional costs

Discharge Mortgage Fee Doc Prep  $300

Discharge Mortgage Settlement Attendance Fee WA Only  $300

Progress payments  $80

Valuation Fees.

Standard valuation fee and Doc prep fee included in application fee.

For all States, the maximum fee that will be absorbed as part of the application fee for the first valuation is as follows:

Western Australia $175 + GST Queensland $200 + GST New South Wales $200 + GST Tasmania $200 + GST South Australia $175 + GST Victoria $200 + GST Canberra $200 + GST Northern Territory $210 + GST

Note Valuation for properties >than $1million contact lender for quote

Company / Trust Fee $300

Rework fee $100 to be charged when a customer initiates a change to the terms of their application after Loan documents have been issued.

Express Courier Fee $7.87 (payable for all non WA Based Housing Loan)

Settlement Fee $50 applicable to East Coast Only

Offset

Not available

Redraw Facility

Home loan access to any surplus funds accumulated on the loan fees and conditions apply.

Product Change

Not available

Statements

Issued monthly
Duplicate Statement Fee
Customers who request additional statements printed with original (includes faxes) will pay a revised fee of $4 per statement.

Portability

Yes

Split Loan Facility

Yes

Special Notes

Rural Residential  will be considered for strong applications, Location please refer to Lender will be looked at case by case