|
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
Compare
Other
Lenders |
|
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. |
