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  Suncorp Low Doc Loans

 

 

Lender Name

SUNCORP

Product Name

LOW DOC LOAN POLICY

Product Type

LO DOC - Available on Variable, Asset Line, 1,2,3 & 5 year fixed, Back to Basics

Interest Rates

Latest Interest Rates

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Redraw Facility

Minimum: $1,000 1 free redraw (via Internet and to Suncorp account) each month $20 fee.
Redraw not available on Fixed Rate Loans.

Offset

Yes Offset avaialbe on  standard variable  products.

Fees

Standard Fees and charges apply.

LVR

Owner Occupier Maximum LVR 80%.
Investment Maximum LVR 80%.
Construction Maximum LVR 80%.
Refinance Maximum LVR 80%.
Vacant Land Maximum LVR 80%.
LVR is calculated on the lower of security purchase of Bank valuation in all cases.
No minimum LVR restrictions apply.
The maximum available LVR is dependant upon the nature of the security and the type of facility being sought.
Principal & Interest with Acceptable residential Security  maximum LVR 80%.
Asset Line facilities with Acceptable Residential Security Maximum LVR 75%.
Stand alone vacant land can be used as security Maximum LVR 80%.

Repayment Type

Low Doc Loan facilities will be available on either Principal & Interest & Interest Only Loans and the Asset Line.

Repayment Options

Repayment options depends on what product is selected by borrower / borrowers.
Principal & Interest or Principal and Interest.
Fortnightly or Monthly for Principal and Interest.
(Monthly for Interest Only).

Repayment Method

Repayment method depends on what product is selected by borrower / borrowers.

Extra Repayments

Permitted no limitations (vaariable rate products).
Standard Deferred Establishment Fees apply on Fixed rate maximum extra payments of $500 per month without penalty.

Special Offers

 

Term

Principal & Interest Facilities 30years.

Loan Size

Up to $1M where acceptable security is located in an identified. Metropolitan centre, eg. Includes capital cities in all States and
Territories.
If the LVR is 60% or less, the maximum Suncorp Low Doc loan/exposure level increases to $1.5 million per single property.
Total Loan exposure $3M (all loans with all banks).

Mortgage Insurance

The maximum Suncorp aggregate exposure is $1M per single property above 60%  LVR (Payable by client).

Acceptable Income

Normal serviceability capacity applies using declared income.
LVR 70% and below No Documentary.
PAYG income can be higher than Low Doc Income.
LVR 70% and below ABN needs to be registered 1 day.
PAYG & Co Borrower minimum 6 months employment.
No cash out limit please note questions may be asked for higher amounts of cash out.

Product Change

Yes Switching fee of $300.

Statements

Issued 6 monthly.

Portability

Yes

Split Loan Facility

Yes.

Special Notes

Existing Low Doc customers applying for additional Low Doc Lending in the 60% - 80% range will only attract an LMI Premium on the additional funds

Removal of Cash Out Policy  - Please ensure to include the funding purpose on the loan application. Contact your Partnership Manager for more information.

Target Market

The primary target market is potential borrowers that are well established with a strong asset base that includes hard assets (eg family residence, investment properties, share portfolio) and have moderate gearing and a sound credit history. Low Doc Applications will now be accepted for Personal. Purpose , Investment Purpose and or any combination of both.
Companies and Trusts as borrowers.

 

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