|
Lender Name |
SUNCORP |
|
Product Name |
BRIDGING
LOAN
(PERSONAL
PURPOSE &
INVESTMENT) |
|
Product Type |
BRIDGING |
|
Interest
Rates |
Latest
Interest
Rates
Compare
Other
Lenders |
|
Redraw
Facility |
NA |
|
Offset |
Not
applicable |
|
Fees |
Establishment
Fee:$600.
Account
Keeping Fee
$10 p.m..
Establishment
fee includes
all
Valuations
and Legal
Fees.
Additional
Valuation
Fee $160
Split Loan
Fee $200
Progressive
Funding Fee
$250 |
|
LVR |
Owner
Occupier
Maximum LVR
80%.
Investment
Maximum LVR
80%.
Construction
Maximum LVR
80%.
Refinance
Maximum LVR
80%.
types of
security
acceptable
for Bridging
Loans.
Residential
property
security.
Term
Deposits
held with
Suncorp-Metway.
In all cases
the Bank's
security
must include
a first
registered
interest in
the
property's)
being sold
to provide
the source
of
clearance/
debt
reduction.
Generally,
Guarantee
security
would not be
considered
for Bridging
Loan
proposals.
LVR is
calculated
on the lower
of security
purchase
price or
Bank
valuation in
all cases.
The maximum
available
LVR is
dependant
upon the
type of
security
offered:
1.
Residential
property -
Maximum LVR
80.0%
2. SML Term
Deposit
security
Maximum LVR
100.0%
Additional
LVR
restrictions
apply if the
Bridging
Loan request
involves any
portion of
interest
capitalisation.
In these
cases the
maximum LVR
for
residential
securities
reduces to
70.0% after
the interest
provision
has been
added to the
loan amount. |
|
Repayment
Type |
Interest
only.
Interest can
be
capitalised
Maximum LVR
70%.
80% for non
interest
capitalisation
and 70%
Equity for
interest
capitalisation. |
|
Repayment
Options |
Weekly or
Fortnightly
or monthly
payments. |
|
Repayment
Method |
Internet
transfers,
Direct
Debts, B
Pay,
Internet,Branch. |
|
Extra
Repayments |
Unlimited
Additional
Repayments. |
|
Special
Offers |
Not
provided. |
|
Term |
Maximum: 1
Years.
Maximum Loan
Term
Preferred
Maximum term
is 9 months. |
|
Loan Size |
Minimum:
$10,000.
Maximum:
Unlimited. |
|
Mortgage
Insurance |
Not
applicable. |
|
Acceptable
Income |
As per
policy
guidelines.
Serviceability
needs to be
demonstrated
for 120% of
end. |
|
Product
Change |
Yes
Switching
fee of $300. |
|
Statements |
Issued 6
monthly. |
|
Portability |
Not
applicable. |
|
Split Loan
Facility |
Yes. 1 free. |
|
Special
Notes |
The maximum
loan amount
where the
LVR does not
exceed 65%
is $400,000
Please refer
to the
Business
Partners
site for
full details
of these
changes. |
|
Target
Market |
Short term
loan
facility
(maximum
term if 12
months) and
has a
variable
rate that
rises and
falls with
the market.
Using equity
in their
existing
property,
the customer
can take out
a
second loan
(a Bridging
Loan) to buy
the new
property;
this
Bridging
Loan will be
paid out
when the
existing
property is
sold. |
