Lender

Lender Name

ING

Product Name

LO DOC SMART HOME LOAN

Product Type

LO DOC

Interest Rates

Comparison Rate Schedule

Latest Interest Rates

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Redraw Facility

Telephone Banking
Internet/IVR
Cheque
NIVA
BPAY

Offset

N/A

Fees

Application Fee $499
Annual Line Fees An annual fee of $180 per year charged in arrears on settlement Anniversary
Additional Valuations fees commence at $200 for a standard valuation which are paid upfront, please refer to your Relationship Manager for asscociated costs in all instances.
Document & Settlement Fee Fee displayed as Mortgage Preparation )
Document & Settlement Fee $165WA/SA/ACT/TAS)
Document & Settlement Fee  $220 (NSW/VIC/QLD)
Product Switch $250

LVR

Owner Occupier Maximum LVR 80%
Investment Maximum LVR  80%
Refinance Maximum LVR 80%
Debt Consolidation Maximum LVR 80%

Repayment Type

INTEREST ONLY

Repayment Options

Repayments permitted at any time.
Interest capitalised to 100% of the original credit limit before interest payments are required.

Repayment Method

Salary crediting into Lo Doc Smart Home Loan account, Direct Debit,Direct Credits &  Internet

Extra Repayments

Can be made at any time. Once cleared, repaid funds immediately become available for use again

Special Offers

Monthly NIVA Repayment
NIVA (Nil Interest Visa Account) operates as a separate account, with separate limit to the Lo Doc Smart Home Loan account
On the first of each month, outstanding Visa account balance is
swept into Lo Doc Smart Home Loan account, accrues interest
After monthly sweep into the Lo Doc Smart Home Loan account, NIVA
available limit returns to original credit limit (less any transactions posted on the first day of the new month)

Term

Evergreen.
Loans reviewed every 5 years

Loan Size

Minimum Loan $50,000
Maximum Loan - $1.5M total facility (Lo Doc Smart Home Loan + NIVA) up to 60% LVR
$1M total facility Lo Doc Smart Home Loan + NIVA) if LVR 60% - 80% (LMI required)
 NIVA monthly limit is 3% of total approved limit, or $10,000, whichever
is lower NB: Only the Lo Doc Smart Home Loan account amount is available at settlement; for refinances, the amount required to pay out existing loan must be covered by Lo Doc Smart Home Loan core account amount

Mortgage Insurance

Maximum borrowing amount $1.5M for loans with a LVR <60% no Lenders Mortgage Insurance
Maximum borrowing amount for loans with  Lenders Mortgage Insurance LVR 60% - 80% $1M

Acceptable Income

To take advantage of this flexible variable rate loan all your clients
need do is declare that they have sufficient regular income, sound
credit rating and for PAYG applicants, a stable employment record.
Customer Declaration to be signed by all applicants

Product Change

Available fees applicable

Statements

Statements issued six monthly.

Portability

Yes

Split Loan Facility

Yes permitted (fees apply)

Special Notes

Target Market

Borrowers wanting convenient access to funds.
Revolving line of credit, for use as an interest minimiser type loan.
Consists of 2 sub accounts  the Lo Doc Smart Home Loan line of credit account and a linked nil interest Visa account (NIVA).
Total approved credit limit is an aggregation of the Lo Doc Smart Home. Loan account and the NIVA account.