Lender

Lender Name

CBA-COLONIAL

Product Name

FIXED RATE HOME LOAN

Product Type

FIXED - 1,2,3,4,5,7,10,15 Years

Interest Rates

Latest Interest Rates

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Redraw Facility

Not Available during the fixed rate period
Not during fixed rate period however any additional repayments will be available for redraw if the loan reverts to a variable rate product
Redraw available via Internet and Phone Banking and can be linked to ATM Card

Offset

Partial Offset (2.5% differential)

Fees

Application Fee: $600
($300 for second loan if there is an existing loan)
For new loans $600 for 2 loans then $300 for each subsequent loan.
Monthly Loan Service Fee:  $8 pm
Account Service Fee - This fee is charged on the first business day of each month to Line of Credit customers.
Settlement Attendance Fee - $100 this fee is payable when the Bank (or its representative) is required to attend settlement for the purchase of a security property, or for the refinance of a loan with another credit provider (Fee displayed as Mortgage Preparation )
Settlement Fee - Discharge: $300
Additional Security Fee: $150 per security (excluding guarantees)
Switching Fee: Up to $300 (where switching is allowed)
Switching Fee -This fee is payable if your customer applies to switch all or part of their home loan or investment home loan to another home loan  or investment home loan product.
It does not include any out-of-pocket expenses which may be payable to a third party e.g. Stamp Duty
LMI Arrangement Fee - The amount of LMI payable may vary according to individual loans and is based on the loan amount. Note a LMI Arrangement fee, $20.00 will apply
Rate Lock -  $395 this fee is payable at application where the customer's) request to lock in a guaranteed or fixed interest rate (rate is locked for 90 days).  Rate Lock is not available for fixed terms 7,10 & 15 years rate of funding will apply.
Portability Security Substitution Fee:  $300
Other fees and charges are payable.
Security Substitution Fee -  A security substitution fee of $300 applies where no additional funds are sought. Where additional funds are also sought the standard establishment fee for that product applies
If your customer substitutes new security for the loan, they must pay this fee plus any other applicable Bank fees and Government charge
Stamp Duty on the Mortgage
Calculated on the amount of the loan and payable to the State Government Stamp Duty authority
NB: If the customer is buying a property, Stamp Duty on the transfer purchase price will also be payable to the State Government.
Refer the customer to their solicitors as to other costs they might incur.
Valuation Fee - This fee is included in the standard establishment fee.

Valuations - For high value properties, the Bank requires a full valuation to be undertaken by an independent Valuer. This necessitates referral to the Bank’s Chief Valuer to nominate appropriate valuers and negotiate fees. The valuation requires a detailed inspection and comprehensive written report.
Sydney & Melbourne metro               >$2m
Other                                                >$1m
Security Guarantee Fee -$200 (per borrower) applies where a guarantor's) provides security to support the loan. The fee is debited to the loan account (Refer Special Notes Family Equity and Guarantors ’Support Policy)
Deferred Establishment Fee $700 applicable if loan is repaid out within 4 years from the first loan drawing

LVR

Owner Occupier, Investment, Construction, Refinance & Vacant Land Maximum LVR 95%

Repayment Type

Principal & Interest and Interest Only
Interest in Advance (0.20% discount of Standard Fixed Rates for Interest in Advance)

Repayment Options

Weekly, fortnightly or monthly repayments Principal and Interest
Monthly Only during Interest only period

Repayment Method

Repayments to be made via direct debit or direct credit from salary (Direct Debit during interest only period)

Extra Repayments

Additional Repayments can be made at any time (limit $10,000 per year) without incurring an Early Repayment Adjustment

Special Offers

Term

Minimum: No minimum
Maximum: 30 years (subject to expected retirement age of applicant) 10 years interest only period Owner Occupier and 15 Years for Investment.

Loan Size

Minimum: $10,000 Owner Occupier / Minimum: $20,000 Investment
Maximum: No Maximum

Mortgage Insurance

Note Maximum LVR with capitalized LMI premium 97%
Base LVR of 95% (capitalized LVR of 97%) All Other LMI Covered Loans including Home/Investment Home loans and Line of Credit) Aggregated credit facilities of $2.5million
Eligible borrowers must have 5% equity which cannot be borrowed from an unsecured loan source when applying for standard LMI and 20% equity for Low Doc loans.
For all LMI loans (including Low Doc) the most recent primary transaction account must be provided to confirm satisfactory
account conduct.
Postcode restrictions no longer applicable

$0 Deposit Home Loan customer who qualify for the FHOG up to 100% maximum LVR.  Maximum loan $500K. LMI can not be capitalised for $0 Deposit Home Loans. (Investors not eligiblefor No Deposit Home Loan ).
LMI can be capped maximum LVR not to exceed 95%.
Conditions apply. Loan must be for purchase construction of residential property.

Acceptable Income

PAYG/ Self Employed/Casual/Contractor/Got Income excluding Newstart)  note Austudy not applicable

Product Change

Switch $300

Statements

6 monthly statements, or on client request (fee applies)

Portability

Yes available

Split Loan Facility

Yes available

Special Notes

Family Equity and Guarantors ’Support Policy
The Family Equity option has been introduced to help first home buyers and families to enter the property market. Under Family Equity, parental help (or help from immediate family) may be used for servicing and/or security support.
This may take the form of either:
1)Guarantors providing Security support only
2)Guarantors providing Servicing support only
3)Guarantors providing Security and Servicing support, or
4)Provision of funds greater than value of property to be purchased is available.
5)Second Mortgage where prior mortgage is to another bank is acceptable.

Target Market

A fixed rate home loan lets the customer enjoy the security of knowing their repayments will not change for the agreed fixed interest rate period they choose, 1, 2, 3, 4 or 5 ,7 10 & and 15 years
 Housing Related (owner occupied and investment loans), including purchase of vacant land
Land Loan: A residential property must be built within 5 years for occupancy.
All Investment Housing Related, including purchase of vacant land
Land Loan: A residential property must be built immediately for rental.
Personal investment eg purchase of shares
Refinance, other institutions' home loans including debt consolidations;
Personal Purposes;
Personal investment eg purchase of shares
Not for Business or Commercial Purposes
Bridging Loans
Borrowers will have up to a maximum of 12 months to reduce the total debt to the agreed residual debt level.
Capacity to service interest only payments on the total debt during the bridging period is preferred but not essential (refer to BDM for further details),  capacity to repay the Residual Debt on a P & I basis at the appropriate interest rate over the proposed term after the existing property is sold. The maximum LVR for bridging purposes is 90% subject to LMI (LMI can be waived refer to BDM). Note Bridging Loans can be written at any of the Bank interest rate options restrictions apply to Fixed Rates Loans or One Year Guaranteed Interest Rate option may attract an Early Repayment Adjustment.