|
Lender Name |
HERITAGE BS |
|
Product Name |
FIXED RATE
OWNER
OCCUPIED &
INVESTMENT
LOANS |
|
Product Type |
FIXED
1,2,3 and 5
YEAR FIXED
RATES |
|
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
Offset
Account
Only. |
|
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
each. ($95
in Qld)
Monthly
Administration
Fee $5 per
month
(included in
repayments)
Switch Fee
$100-$600
depending
upon product
being switch
to.
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
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
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
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.
(Interest
only for
Investment
loans).
Fixed rates:
1,2,3,or 5
years
Fixed Rate
features
that
separate our
products
from some of
competitors
are: 1/ No
lock in fee
is payable,
rate is
guaranteed
from
applicable
rate as at
formal
approval
until
settlement.
2/ Unlimited
additional
repayments
at anytime
without
penalty. 3/
Redraw
available on
all fixed
rate
products. |
|
Repayment
Options |
Weekly
(Monthly
/4);
Fortnightly
(Monthly
/2); or
Monthly
payments.
Owner
Occupier
Principal &
Interest.
Investment
Principal &
Interest &
Fixed
Interest
Only.
(Maximum: 5
years).
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
Australia
Post
Offices. |
|
Extra
Repayments |
Unlimited. |
|
Special
Offers |
|
|
Term |
Maximum: 30
years. |
|
Loan Size |
Minimum:
$20K
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 (Break
Fees or
Switch Fee
will apply). |
|
Statements |
Issued 6
monthly. |
|
Portability |
Yes. |
|
Split Loan
Facility |
Yes. |
|
Special
Notes |
Note Non
Resident New
Zealand Only
80% of
Second Job
75% of gross
rental
allowable
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).
Family
Allowance
children
aged < 11
years only.
(payments to
be received
for a min of
5 yrs)
Interest
Only
Facility,
Investment
purposes
only,
requires
Monthly
repayment
based on
original
loan amount.
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
purposes and
Refinance
for any
worthwhile
purpose.
Construction,
extension or
renovation
of a
residential
property.
Purchase
vacant land.
Consolidation. |
