|
Lender Name |
HERITAGE BS |
|
Product Name |
LINE OF
CREDIT -
LIVING
EQUITY LOANS |
|
Product Type |
EQUITY LINE |
|
Interest
Rates |
Latest
Interest
Rates
Compare
Other
Lenders |
|
Redraw
Facility |
Yes (Direct
from
account)
Fee
structure :
Unlimited
free ,
Telephone
Banking,
Internet
Banking, GiroPost,
Cheque
Deposit,
Cash
Deposit,
Counter wdls,
transfers &
bpay,
Heritage ATM
debit wdl &
tfrs,
Personal
cheque
wdls,EFTPOS
5,
free; excess
fee per
transactions
$0.50,Non
HBS ATM wdl
&
bal,enquiries
4 free;
excess fee
per
transaction
$1.50,Non
HBS counter
wlds (visa)
$2.50,
Overseas ATM
or counter
wdls (visa)
$5.00 plus
overseas
currency
conversion
fee. |
|
Offset |
Not
applicable.. |
|
Fees |
Establishment
Fee: $600,
this
includes up
to 5
sub-accounts
created at
time of
original
application,
also
includes
First
security
valuation if
required to
a maximum
amount of
$330).
Additional
valuations
are $205 min
(maybe
higher
depending
upon
property
valuation
figure)
Deferred
Establishment
Fee ($0-$
600.00) if
paid out
within the
first 3
years on a
pro rata
basis.
Monthly
Administration
Fee $8 per
month
(included in
repayments)
Increase in
Limit Fee -.
$500 per
increase or
sub-account
(splitting
at initial
application
only
requires one
application
fee)
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 |
Max LVR of
85% Loans up
to $200K
Max LVR of
80% >$200001
to $300K
Max LVR of
75% >$300001
to $500K |
|
Repayment
Type |
Interest
Only for
first 10
years and
then reverts
to Principal
& Interest. |
|
Repayment
Options |
Accrued
interest
must be paid
each month. |
|
Repayment
Method |
Direct
Debit, Bpay,
Direct
Salary and
Australia
Post
Offices. |
|
Extra
Repayments |
Additional
Repayments
Unlimited. |
|
Special
Offers |
|
|
Term |
Maximum: 30
years
(Interest
only for
first 10
years)
(Note -
facility can
be up to 5
splits) |
|
Loan Size |
Minimum:
$20K
Maximum loan
amount $500K
maximum LVR
75%. |
|
Mortgage
Insurance |
Required on
all Loans
>80% LVR. |
|
Acceptable
Income |
Self
Employed,
Salary &
Wage earners
Rental
income 75%
of gross
rental
allowable as
income (60%
high rise). |
|
Product
Change |
Unable to
switch to
another loan
type,
consider as
a normal
refinance
application. |
|
Statements |
Issued
monthly. |
|
Portability |
Not
provided. |
|
Split Loan
Facility |
Note -
facility can
be up to 5
splits. |
|
Special
Notes |
Note Non
Resident New
Zealand Only
80% Second
Job
75% of gross
rental
income (60%
high rise,
0% inner
city
apartments)
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). |
|
Target
Market |
To purchase
property for
Owner
Occupier,
Investment
purposes and
Refinance
for any
worthwhile
purpose.
Purchase
vacant land.
Consolidation. |
