|
Lender Name |
THE ROCK
BUILDING
SOCIETY |
|
Product Name |
ADVANTAGE
PLUS |
|
Product Type |
BASIC
VARIABLE
RATE |
|
Interest
Rates |
Latest
Interest
Rates
Compare
Other
Lenders |
|
Redraw
Facility |
Provided the
account
holds one
payment in
advance. Any
amount in
addition to
this may be
redrawn at
anytime.
Minimum
redraw
amount of
$1,000. |
|
Offset |
Not
available. |
|
Fees |
Application
Fee $600
(includes
the
valuation of
one security
property)
Additional
Valuation
Fee $275.
(To the
value of $1
million the
Valuation
Fee will be
added to the
Application
Fee).
Progress
Inspection
Fee $125.
This fee is
charged for
each of the
first and
final
builders
payments
Account
Keeping Fee
Nil.
Redraw Fee
Nil
Fee Free
Telephone
Banking
Fee Free
Internet
Banking
All Deferred
Establishment
Fees:
Year 1 or
Year 2
minimum
$1,500 or
0.25%
(whichever
is greater).
Year 3
minimum
$1,200 or
0.20%
(whichever
is greater).
Year 4
minimum $900
or 0.15%
(whichever
is greater).
(Calculated
on the
approved
loan amount)
plus
deferred LMI
if original
LVR was less
than or
equal to 80%
Release
Fee:$380.
Switch
Fee:$250. |
|
LVR |
Up to 95%
for Owner
Occupied
Purchases &
Construction.
Up to 95%
for
Investment,
Investment
Property
Purchases &
Construction,
Refinances
(one debt
only).
90% Vacant
Land & all
Multiple
Security
Properties.
Up to 95%
for Non
Genuine
Savings (no
vacant land
security).
Up to 95%
for Debt
Consolidation
involving 4
debts.
Home to Home
where LVR
exceeds 95%
repayments
must be P &
I. |
|
Repayment
Type |
Principal &
Interest.
Interest
Only for 5
Years. |
|
Repayment
Options |
Weekly,
Fortnightly
or Monthly. |
|
Repayment
Method |
Direct
debit,
Deposit book
through WBC
branches,
Internet and
telephone
transfers.
Periodic
payment from
savings
a/c.
Deposit
through Rock
branches and
agencies
(Qld). |
|
Extra
Repayments |
Unlimited
(with the
exception of
full
repayment
within 4
years) Refer
Deferred
Establishment
Fee. |
|
Special
Offers |
The Rock
Star
Combined
Package
features as
follows:
0.75% of
standard
variable for
loans >
$250k
Up to 2 free
100% offset
accounts
Unlimited
free
transactions
on the 100%
offset a/c
Free Redraw
Up to 6
splits (free
of charge)
One low
annual fee
of $300 |
|
Term |
30 years P &
I (5 years
Interest
Only). |
|
Loan Size |
Maximum
$3.5M. |
|
Mortgage
Insurance |
Customer pay
LMI when LVR>80%. |
|
Acceptable
Income |
Income
calculation
for
serviceability
is reliant
upon
Mortgage
Insurance
approval by
either
Genworth or
PMI. There
are
different
calculations,
test rates
and
guidelines.
Access to
criteria for
PMI can be
accessed via
Website
www.PMIGroup.com.au.
Use the
Genworth
Calculator
at current
standard
rates as an
average test
of
serviceability. |
|
Product
Change |
Available. |
|
Statements |
Issued
Monthly or
as borrower
indicates to
The Rock. |
|
Portability |
Available. |
|
Split Loan
Facility |
Up to six
splits
available.
No fees. |
|
Special
Notes |
|
|
Target
Market |
Home buyers
after No
Frills low
rate
product. |
