|
Lender Name |
THE ROCK
BUILDING
SOCIETY |
|
Product Name |
LINE OF
CREDIT |
|
Product Type |
EQUITY LINE
(VARIABLE/
FIXED) |
|
Interest
Rates |
Latest
Interest
Rates
Compare
Other
Lenders |
|
Redraw
Facility |
Not
Required. |
|
Offset |
Not
applicable. |
|
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
Release
Fee:$380.
Switch
Fee:$250..
Variation
Fee:$275.
Line of
Credit
Product -
can be
accessed by
cheque book
and "cash
card". A fee
applies to
each debit
transaction.
Transfers to
accounts at
another
financial
Institution
using Bank
or bill
payments
using Bay
(through
Rock Direct)
will be fee
free. |
|
LVR |
Owner
Occupied &
Construction
Maximum LVR
80%.
Residential
Investment
Maximum LVR
80%.
Refinance
Maximum LVR
80%.
Maximum LVR
80% for any
wothwhile
purpose
including
construction. |
|
Repayment
Type |
Interest
Only.
10 years
interest
only then
converting
to 15 years
or 20 years
P&I. |
|
Repayment
Options |
Weekly,
Fortnightly
or Monthly
payments
following
conversion
to P&I
Interest
Only
repayments
until
expiration
of Interest
Only Period.
The Rock
prefers that
clients have
their salary
and / or
rent and
dividends
credited
direct to
the facility
so as to
minimise the
interest
paid. |
|
Repayment
Method |
Direct
debit,
Deposit book
through WBC
branches,
Rock
branches and
agencies
(QLD),
salary
credit,
Internet and
telephone
banking
transfers. |
|
Extra
Repayments |
Not
available. |
|
Special
Offers |
All Rock
Loans enable
the client
to 5 Free
ATM Wdls and
or EFTPOS
per month.
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 |
Maximum: 30
years.
Fixed Rate
Period: 1,2
or 3 years. |
|
Loan Size |
Preferred
Minimum:
Stand Alone
$50K.
In
conjunction
with a home
loan $10K.
Maximum:
$3.5M |
|
Mortgage
Insurance |
Applicable
on all
loans. Rock
pays
upfront. |
|
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 |
Yes. Switch
fee plus
legal costs.
Exit from a
Fixed Rate
contract
prior to
expiry may
incur break
costs. |
|
Statements |
Monthly. |
|
Portability |
Permitted
provided
settlements
are
simultaneous.
Legal costs
will apply
plus
mortgage
insurance
variation
charge. |
|
Split Loan
Facility |
Yes. |
|
Special
Notes |
Property
Insurance is
compulsory.
All
properties
secured by
mortgage to
The Rock
must be
adequately
insured for
replacement
value.
Life
Insurance
is not
compulsory.
However, The
Rock
recommends
that all
borrowers be
protected by
this type of
insurance. |
|
Target
Market |
The line of
Credit
facility
gives the
client
direct
access to
the equity
in their
home via
Cheque book,
ATM's,
EFTPOS, and
other direct
entry
facilities
such as I
Bank
(Internet
Banking).
Residential
owner
occupied or
investment
property.
Purchase of
residential
land.
Construction
of
residential
property (
construction
conditions
apply).
Home
improvements.
Refinance of
other
financial
institution
loans.
Personal or
consumer
items.
Purchase of
an
investment
portfolio.
Business
purposes
(subject to
Loan
Managers
approval).
Non-Genuine
or Genuine
Savings.
Acceptable
Loan
Purpose.
Purchase or
construction
of owner
occupied or
investment
property.
All loans
must have
principal
and interest
repayments.
Loans for
working
capital or
payment of
personal or
business tax
liabilities
are
specifically
excluded. |
