|
Lender Name |
WESTPAC |
|
Product Name |
BRIDGING
HOME LOAN |
|
Product Type |
BRIDGING |
|
Interest
Rates |
Latest
Interest
Rates
Compare
Other
Lenders |
|
Redraw
Facility |
Non
applicable. |
|
Offset |
Non
applicable. |
|
Fees |
Establishment
Fee: $750
Loan
Maintenance
Fee: $8 per
month
Progressive
Draw Down
Fee: $300
(payable
once only)
Additional
Valuation
Fees:
Independent
valuers -
for quote
contact
lender
Guarantor
Fee $200. |
|
LVR |
Owner
Occupier
Maximum LVR
97%
Investment
Maximum LVR
N/A
Construction
Maximum LVR
97%
Refinance
Maxim LVR
97%
Vacant Land
Maximum LVR
97%
Up to 97% of
the
valuation
can be
borrowed.
(Up to 75%
(max end
debt) for
interest
capitalisation). |
|
Repayment
Type |
Interest
Only & Fees.
Interest
Capitalisation
allowed. |
|
Repayment
Options |
Monthly,
fortnightly
or weekly. |
|
Repayment
Method |
Must be by
Direct Debit
for monthly
interest
payment. |
|
Extra
Repayments |
Additional
repayments
can be made
at any time
(no
minimum). |
|
Special
Offers |
|
|
Term |
Maximum
overall loan
term is 1
year.
Variable
Rate for the
first 3
months then
for the
balance of
the term
(9months) a
loading of
1% is
applicable
on the
variable
rate. |
|
Loan Size |
Minimum:
$10K
No maximum. |
|
Mortgage
Insurance |
Required if
LVR above
80%. |
|
Acceptable
Income |
Self
Employed
with 2
years
financials
to be
supplied,
salary and
wage earner. |
|
Product
Change |
Not
applicable. |
|
Statements |
Issued 6
monthly. |
|
Portability |
Portability
is Not
available. |
|
Split Loan
Facility |
Available as
part of a
combination
loan at
application
stage. |
|
Special
Notes |
Will use
rural
residential
8 to 40
hectares
(80% within
50km of town
with 10,000
or more
people
otherwise
70% - refer
lender for
details) but
must have a
dwelling on
property
Note Studio
Apartments
must be over
50sqm*
(Sydney
units 35 to
50 sqm
acceptable
to 80% in
postcodes
2010, 2011 &
2021)
Progress
Draw Loans
Off Contract
Items
It is
acceptable
for the
applicant to
provide a
separate
contract for
additional
work to be
completed as
a part of a
Progress
Draw loan
application.
The
following
list details
those items
that may be
completed by
a contractor
other than
the primary
builder:
Air
conditioning,
Carpets,
Curtains,
Driveways,
Fences,
Floor
tiling,
Landscaping,
Pergolas,
Paving,
Security
System,
Swimming
Pool
Quotes from
licensed
tradesperson
are to be
provided
along with
other
application
documents
for
inclusion in
the
valuation
process.
These
additional
items must
be specified
within the
To Be
Erected
(TBE)
valuation.
EDS Credit
Services
Progress
Draw unit
will pay the
tradesperson
once the
invoice has
been
presented
and an
inspection
carried out
to confirm
completion.
Progress
Draw Option
on available
on Interest
Capitalised
Loans or
Combination
Loans. |
|
Target
Market |
A variable
rate loan
for
short-term
finance to
enable a new
property to
be purchased
prior to an
existing
property
being sold.
Available
for owner
occupied
purchase
only.
Available
for
construction
purposes.
Primary
security to
be first
mortgage
over
residential
property
being
purchased
(future
residence)
and
residential
property
being sold
(current
residence)
,supporting
security
allowed. |
