|
Lender Name |
HERITAGE BS |
|
Product Name |
BASIC
VARIABLE |
|
Product Type |
BASIC |
|
Interest
Rates |
Latest
Interest
Rates
Compare
Other
Lenders |
|
Redraw
Facility |
Yes
Fee <$20K =
$20.00.
Fee > $20K =
$20.00 +
current
title search
fee |
|
Offset |
Yes -
Partial
interest
offset
account
allowed |
|
Fees |
Establishment
Fee $600
which
includes
First
security
valuation if
required to
a maximum
amount of
$330).
Additional
valuations
are $205min.
(maybe
higher
depending
upon
Property
Valuation
Figure)
Construction
progress
inspection
fee $88.
($95 in Qld)
Monthly
Administration
Fee Nil
Deferred
Establishment
Fee ($0 to
$600) if
repaid
within three
years of
initial
funding , on
a pro-rata
basis.
Early
Repayment
Penalty if
repaid
within three
years of
initial
funding:
Owner
Occupied:
$800.
Investment:
1 months
Interest.
Further
Advance Fee
$600
Switch Fee
$100-$600
depending
upon product
being switch
to
Build Loan
Progress
Draw Fee -
$50 fee
payable at
each
drawdown
will be
charged at
the time of
each draw.
Trust /
Company
Loan $250
additional
to the
application
fee to
partially
offset
solicitors
charges
where
documents
are
outsourced
Multiple
Securities
Additional
fee of $100
charged when
there is a
second or
subsequent
security for
a loan and
the security
is in the
same state
Additional
fee of $150
charged
where there
is a second
or
subsequent
security for
a loan and
the security
is from a
different
state.
Settlement
Fees on
Purchase/Refinance:
Agent’s
Settlement
Fee $0-$250
(Varies from
State to
State)
Finalisation
Fee $200 (
Payout of
loan).
Telegraphic
Transfer Fee
$0 - $35
Max. |
|
LVR |
Owner
Occupied:
90%
including
LMI
conditions
apply
Construction
90%
including
LMI
Vacant
Land:90%
including
LMI
Refinance:
90% plus LMI
Investment
90%
including
LMI
Consolidation:
85% plus LMI
maximum of 4
debts |
|
Repayment
Type |
Principal &
Interest. |
|
Repayment
Options |
Weekly
(Monthly
/4);
Fortnightly
(Monthly /2)
or Monthly
payments.
Ability to
skip
repayments
if
additional
repayments
have been
made.
Change of
term
available.
Ability to
vary
repayments. |
|
Repayment
Method |
Direct
Debit, Bpay,
Direct
Salary and
Australian
Post
Offices. |
|
Extra
Repayments |
Unlimited. |
|
Special
Offers |
|
|
Term |
Maximum: 30
years. |
|
Loan Size |
Minimum:
$50K
Maximum
unlimited
(Refer BDM
for loans
over $750k). |
|
Mortgage
Insurance |
Required on
all Loans
with >80%
LVR. |
|
Acceptable
Income |
Self
Employed,
Salary &
Wage
earners.
Rental
income 75%
of gross
rental
allowable as
income (60%
high rise 0%
inner city
apartments). |
|
Product
Change |
Yes. Members
may switch
from the
Basic
Variable
Loan to any
other loan
type (that
supports
switching)
at any time,
subject to
approval by
Heritage If
switching
from the
Basic
Variable
Loan then
the Deferred
Establishment
& Early
Termination
fee will
continue to
be
applicable
under the
new loan
type.
Members may
switch into
the Basic
Variable
loan from
any loan
type (that
supports
switching)
at any time,
subject to
approval by
Heritage.
The
following
scenarios
may apply:
If the loan
is currently
within an
Early
Termination
period, the
switch to
basic
variable
will reset
the Early
Termination
fee for a
new period
of 3 years,
from the
date the
switch is
processed
If the loan
being
switched is
not
currently
within an
Early
Termination
period, the
switch to
basic
variable
will not
reset, or
impose, an
early
termination
fee. |
|
Statements |
Issued 6
monthly. |
|
Portability |
Yes. |
|
Split Loan
Facility |
Yes. |
|
Special
Notes |
Further
Advances/Related
Loans
Further
Advances and
Related
Loans are
available
under this
loan type.
Basic
Variable
Related
loans
operate in
exactly the
same way as
Basic
Variable
primary
loans.
The minimum
Further
Advance/
Related Loan
amount is
$50,000.
Note Non
Resident New
Zealand Only
80% of
Second Job
75% of gross
rental
allowable
income (60%
high rise)
Car
Allowance:
Supplied and
fully
maintained
company
vehicle, an
Allowance of
$150 net per
week will be
allowed in
qualification.
Supplied
with a
limited use
company
vehicle or
fuel card,
an allowance
of $50 net
per week
will be
allowed in
qualification.
(Limited use
vehicle is
one that can
be used by
the
applicant to
drive to and
from work on
a daily
basis. Fuel
card must be
paid or
reimbursed
by the
applicant’s
employer).
Family
Allowance
children
aged < 11
years only
(to be
received for
a minimum of
5 years).
Guarantor/Third
Party
Mortgage
The Society
will accept
applications
where a
guarantor is
providing a
third party
mortgage to
assist in
the purchase
of a
property.
The Society
accepts/obtains
a guarantee
to mitigate
credit risk
on a loan
that merely
meets
lending
criteria.
Guarantees
are also
used to
provide
equity
support for
borrowers
that are not
in a
position to
provide this
equity
themselves.
Conditions
applicable
refer to BDM
for details. |
|
Target
Market |
To purchase
property for
Owner
Occupier,
Investment
and
Refinance
for any
worthwhile
purpose.
Construction,
extension or
renovation
of a
residential
property,
Purchase
vacant land.
Consolidation. |
