Lender

Lender Name

CBA-COLONIAL

Product Name

LOW DOC LINE OF CREDIT

Product Type

LO DOC LOC

Interest Rates

Comparison Rate Schedule

Latest Interest Rates

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Offset

Not applicable

Redraw Facility

Not applicable

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:  $12
Account Service Fee -This fee is charged on the first business day of each month to Line of Credit customers
Switching Fee:   Up to $600 (where switching is allowed)
Portability Security Substitution:    $300
A settlement fee of $100 will apply to all H/L Invest Loans/ Lines of Credit/ where the bank is required to physically attend a settlement and where a new mortgage security to be obtained (Fee displayed as Mortgage Preparation )
Settlement Fee - Discharge: $300
Other fees and charges are payable.
Security Substitution Fee - $300 If your customer substitutes new security for the loan, they must pay this fee plus any other applicable Bank fees and Government charges.
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.
Switching Fee - $300 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
Valuation Fee - This fee is included in the standard establishment fee.
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

Target Market

A Low Doc enable you to offer Home Loans & Investment Loans to self employed applicants who are unable to provide the usual verification documentation in the last 2 years taxation returns or financial statements and most recent Taxation Notice of Assessment
Eligible borrowers have 20% equity an existing real estate
hold equity from recent sale of real estate
can provide evidence of 20% equity as genuine savings

Repayment Type

Principal and Interest and Interest Only and Owner Occupied and Investment
Loan options available Standard Variable Rate Home Loan and  Standard Variable Rate Investment Home Loan
Loan options not available
All Intro Loans
Fixed Rate Loans
Equity Advantage & MAV/MAVPLUS

Repayment Options

Weekly, fortnightly or monthly repayments

Repayment Method

Repayments to be made via direct credit from salary and made by direct debit from a bank account

Extra Repayments

Extra Repayments:Permitted

Special Offers

MAV/MAVPlus package available to Low Doc LOC
MAV/MAVPlus concessions available
Rates for loans >$150K< $250K receive 0.40% discount  REF/Ref Rate Low Doc LOC.
Receive 0.70% p.a. discount off the Standard Variable Rate and Colonial Line of Credit.
Rates for new Low Doc Loans of $250K or above, within MAV Receive 0.15% p.a. discount for new or maturing Fixed Rate Low Doc Loans within MAV.

Term

Minimum: No minimum
Maximum: 30 years (subject to expected retirement age of applicant), Interest Only Period - 5 years

Loan Size

Minimum: $20,000
Applications that exceed $1,000,000 will be considered by Genworth on a case by case basis.

Mortgage Insurance

Minimum: $20,000
Base LVR of 80% (capitalized LVR of 82%) Low Doc Loans
Aggregated credit facilities of $1.5millionEligible 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

Acceptable Income

2 years Self Employed (Self Declaration)
Note one applicant must have been self-employed within the same industry (within Australia) for at least two years.

Product Change

Yes

Statements

Monthly statements or on client request fees apply

Portability

Split Loan Facility

Non applicable

Special Notes

LVR

Owner Occupier  Refinance Debt Consolidation Investment
Loans for refinanced must be supported by evidence of satisfactory repayment history (i.e. three months statements on loans being refinanced).
Maximum LVR 80 % (plus LMI to a maximum of 82%)