|
Lender |
 |
|
Lender Name |
ING |
|
Product Name |
MORTGAGE
SIMPLIFIER |
|
Product Type |
BASIC
VARIABLE |
|
Interest
Rates |
Comparison
Rate
Schedule
Latest
Interest
Rates
Compare
Other
Lenders |
|
Redraw
Facility |
No minimum
amount.
Redraw Fee -
Nil |
|
Offset |
Not
applicable |
|
Fees |
Application
Fee Nil
Account
Keeping Fee
$0
Additional
Valuation
Fee $250 to
be paid
upfront
Document &
Settlement
Fee Fee
displayed as
Mortgage
Preparation
)
Document &
Settlement
Fee $165 (WA/SA/ACT/TAS)
Document &
Settlement
Fee $220
(NSW/VIC/QLD)
Increase /
Decrease $
100
Deferred Est
Fee
1 Year $1400
2 Year $1050
3 Year $700
4 Year $ 350 |
|
LVR |
LVR without
Mortgage
Insurance up
to 80%
LVR with
Mortgage
Insurance
Up to 100%
for Owner
Occupier:
Up to 95%
for
Investment
Loans plus
capitalised
LMP Premiums
Refer to
Special
Lenders
Criteria for
details |
|
Repayment
Type |
Principal &
Interest
Interest
Only |
|
Repayment
Options |
P & I
Fortnightly
or monthly
Interest
Only monthly
Additional
repayments
permitted |
|
Repayment
Method |
Fortnightly
or monthly
repayments,
Direct Debit |
|
Extra
Repayments |
Yes |
|
Special
Offers |
Interest
rate
discount
available
when
borrowing
$300Kor more
in
aggregate,
excluding Lo
Doc and
commercial
loans.
0.06% off
the Mortgage
Simplifier
Rate. |
|
Term |
Loan Term Up
to 30 years |
|
Loan Size |
Minimum $50K
Maximum Loan
- $2,000,000
for total
facility if
within ING
Bank credit
criteria
Higher
amounts may
be
available,
subject to
individual
assessment
and stricter
credit
criteria |
|
Mortgage
Insurance |
Lenders
Mortgage
Insurance
required for
loans over
80% LVR
refer to
postcode
policy |
|
Acceptable
Income |
Applicant
Types
PAYG Income
Earners
Self
Employed
Retirees
evidence of
ongoing
capacity to
repay after
retirement
is mandatory |
|
Product
Change |
A fee of
$250 applies
to switch
from any
existing
loan type to
another. |
|
Statements |
Statements
issued six
monthly. |
|
Portability |
Yes-subject
to approval
(Fees apply) |
|
Split Loan
Facility |
Yes-subject
to approval
In any
combination,
the highest
of the
application
fees is
payable for
the first
loan. For
all
subsequent
loans in a
combination,ie.2nd
and 3rd loan
an
additional
fee of $100
per loan is
payable.
Construction
Loans and Lo
Doc Loans
cannot be
combined
with any
other loan
type.
Minimum of
$50,000 per
loan in a
combination. |
|
Special
Notes |
|
|
Target
Market |
Borrowers
requiring a
competitive
variable
interest
rate loan
with a
wide range
of flexible
features, at
no
additional
cost. |
