Lender Name

HERITAGE BS

Product Name

PROFESSIONAL PACKAGE

Product Type

PROFESSIONAL

Interest Rates

Latest Interest Rates

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Redraw Facility

Available
Fee <$20K= $20.00.
Fee > $20K= $20.00 + current title search fee.

Offset

Yes - 100% daily offset (minimum balance $500) for variable loans; partial offset for fixed rate loans; nil offset for Living Equity.

Fees

Package Fee $250 per annum.
Society will cover the first security valuation if required to a maximum amount of $330.  Additional valuations are $205 min (maybe higher depending upon Property Valuation Figure).
Minimum package   $250,000
Maximum unlimited   (Refer BDM for loans over $750k)         
Please note package excludes:  Value Plus, Premium Variable and Bridging products.
Construction progress inspection fee $88 each ($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 3 years of the latter of initial funding or most recent free further advance.
Owner Occupied: $800.
Investment: 1 months Interest.
Further Advance Fee: Nil.
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.
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
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

Owner Occupied - Principal & Interest
Investment - Principal & Interest or Interest Only Variable (Maximum 5 years).

Repayment Options

Weekly (Monthly /4), Fortnightly (Monthly /2), or Monthly payments.
Ability to skip repayments if additional repayments have been made.
Can vary payments.
Can change term of loan.

Repayment Method

Direct Debit, Bpay, Direct Salary and Australia Post Offices.

Extra Repayments

Unlimited.

Special Offers

Pro Pack Variable Interest Rate 0.48% less than the Standard Variable Rate.
Eligibility Criteria
The eligibility criteria for the Pro Pack as follows: the borrower must have at least one Pro Pack Variable or Pro Pack Living Equity loan. The full criteria are list below:
Hold at least one Pro Pack Variable Loan or Pro Pack Living Equity loan (minimum $20k)
Hold at least $250k in combined Pro Pack loans
Hold a Heritage Visa Credit card
Pay the annual package fee (via direct debit to the above credit card)
Hold a Transaction account
Net take home pay must be credited to the above transaction account.

Pro Pack Variable
All the features and benefits of the Standard Variable Loan plus:
Nil application fee (note Deferred Establishment Fee payable within 3 years of initial funding)
Nil further advance fee (note Early Termination Fee payable within 3 years of later of initial funding
Nil monthly administration fee

Pro Pack Fixed Rate (1, 2, 3 & 5 years)
All the features and benefits of the corresponding Fixed Rate Loan plus:
Nil further advance fee (note Early Termination Fee payable within 3 years of later of initial funding or further advance)
Nil monthly administration fee

Pro Pack Living Equity
Pro Pack Living Equity Interest Rate 0.45% less than the Standard Living Equity loan
All the features and benefits of the Living Equity loan plus:
Nil application fee (note Deferred Establishment Fee payable within 3 years of initial funding)
Nil limit increase application fee (note Deferred Establishment Fee payable within 3 years of later of initial funding or limit increase)
Nil monthly administration fee.

Term

Maximum 30 years.

Loan Size

Minimum package $250k
Maximum unlimited   (Refer BDM for loans over $750k)         
Please note package excludes: Value Plus, Premium Variable and Bridging products.

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

Members may switch to the Professional Package loan from any loan type at any time, subject to approval by Heritage. If switching from the Professional Package loan then the deferred establishment fee and early termination fee will continue to be applicable even under the new loan type. A switch fee is generally payable.

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. The minimum Further Advance/Related Loan amount is $10,000.
One free Further Advance per annum
Free further advances are not cumulative. A further advance is free if it has been at least one year since the most recent free further advance.
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)
Investment Loans Only - Interest Only Facility 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

Property for Owner Occupier, Investment and Refinance and for any worthwhile purpose.
Construction, extension or renovation of a residential property,
Purchase Vacant land.
Consolidation.