Lender

Lender Name

CBA-COLONIAL

Product Name

VARIABLE RATE HOME LOAN (O/O or INVESTMENT)

Product Type

VARIABLE

Interest Rates

Comparison Rate Schedule

Latest Interest Rates

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Redraw Facility

Yes - Minimum $$500 by electronic request and $1,000 from the branch. No redraw fee.
Redraw available via Internet and Phone Banking and can be linked to ATM Card

Offset

Mortgage Interest Saver Account (MISA) - 100% offset

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
Account Service Fee -This fee is charged on the first business day of each month to Line of Credit customers
Progressive Drawing Fee:  $50 per drawing
Switching Fee:   Up to $300 where switching is allowed)
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
Security Substitution -  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 
Other fees and charges are payable
Application for Increase $300
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

Repayment Type

Principal and Interest and Interest Only
Discount off and varying with the Standard Variable rate, converts to standard variable rate at end of Introductory Period
Discount off the Standard Variable Rate but fixed for 1 year, converts to
standard variable rate at end of introductory Period

Repayment Options

Weekly, fortnightly or monthly repayments
Monthly Only during Interest only period
Early payout
Deferred Establishment Fee $700 applicable if loan paid out within 4 years
Early Repayment Adjustment incurred if 1 year guaranteed repaid with 12 months

Repayment Method

Repayments to be made via direct debit or direct credit from salary

Extra Repayments

Additional Repayments of any amount can be made without incurring an Early Repayment Adjustment (ERA).
Interest Only - special payments can be made only - must be made separately to the direct entry ie through B pay or AFT.

Special Offers

Term

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

Loan Size

Minimum: $10,000
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
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 eligible for 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)

Product Change

Yes Switch Fee $300

Statements

6 Monthly statements or on client request fees apply

Portability

Yes

Split Loan Facility

Yes splits available

Target Market

A home loan with an interest rate that moves in line with the market. Just as it is subject to interest rate rises this home loan provides the customer with interest rate decreases in line with movements in the market. The loan provides customers freedom of choice in repayment frequencies and special repayments
Housing Related (owner occupied), including purchase of vacant land
Land Loan: A residential property must be built within 5 years for occupancy.
Construction (owner occupied)
Refinance, other institutions' home loans including debt consolidations;
Personal Purposes;
Personal investment eg purchase of shares
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.

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.

LVR

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