Lender

Lender Name

CBA-COLONIAL

Product Name

MORTGAGE ADVANTAGE (MAV / MAVPLUS)

Product Type

PROFESSIONAL

Interest Rates

Comparison Rate Schedule

Latest Interest Rates

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Redraw Facility

Not available during the fixed rate period.
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

Fees

$300 Package fee (MAV) (annual) Debited to Gold Credit Card at settlement and annually thereafter.
$495 Package fee (MAVPLUS) (annual) Debited to Platinum Card at settlement and annually thereafter.
If your customer substitutes new security for the loan, they must pay this fee plus any other applicable Bank fees and Government charges.
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
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.
Account Service Fee N/A
This fee is charged on the first business day of each month to Line of Credit customers.
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 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
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
NetBank when completing the MAV/MAV Plus package application you will need to record a note that the customer wants to set up NetBank.
The Bank will then create a NetBank facility and apply the exemption when processing the application. Existing NetBank customers who subsequently join MAV/ MAV Plus. When completing the MAV/MAV Plus package application form you will need to record that the customer is an existing NetBank customer on page two (2) of the form. The Bank will then apply the exemption when they process the application.

LVR

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

Repayment Type

Refer to Mortgage Advantage term and conditions

Repayment Options

Refer to Mortgage Advantage term and conditions

Repayment Method

Refer to Mortgage Advantage term and conditions

Extra Repayments

Additional payments permitted

Special Offers

MAV/MAVPlus concessions available
Rates for loans >$150K< $250K receive 0.40% discount off the SVR, REF/Ref Rate LOC & Low Doc &  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.
The feature and benefits and procedures for MAVPlUS and identical to MAV with the following exceptions
Platinum Master card
Holder name with a pre approved limit of $12K (mandatory product) instead of CBA Gold Credit Card
Annual Fee of $495 instead of $300
Platinum Plus Master Card is available to meet the needs of frequent travelers and provides the most valuable benefits and rewards of all our credit cards.
Margin Lending Facility - Interest rate reduction of 0.25% p.a. on Standard Fixed Rates & Standard Variable Rate.

Term

10 -  30 years

Loan Size

Minimum  loan amount - Entry $150,000 in HL or IHL products or Line of Credit
Minimum loan Amount Ongoing - $100,000
Conditions apply refer to lender case by case

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
Normal servicing criteria. However, CBA servicing rate may be reduced by 0.5%

Product Change

Mortgage Advantage customers will incur a Switching Fee of $300
The Mortgage Advantage annual fee of $300 covers the move of an existing loan to MAV but does NOT cover a change (‘switch’) in interest rate options.  Refer below for examples of what is/is not classed as a switch.

Statements

Issued 6 monthly

Portability

Split Loan Facility

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

Professional package
Applicants in Professional Employment & High Income earners
Bridging Loans
A bridging loan is for the client that wishes to purchase a new property and has not yet sold there existing home. The loan can be secured by both the existing property and new properties or the existing property solely.
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, 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.
Qualifying footings for MAV/MAVPlus any portion of a loan used for bridging is excluded, ie only estimated residual debt is included.
Line of Credit cannot be used for bridging purposes