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Time-Out Home Loan
Interest Rate:
Comparison Rate:
A flexible home loan with interest only repayments calculated at 3.99%, 4.99% or 5.99% for the first 2 years allowing borrowers some breathing space.
Purpose
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For individuals to purchase or refinance property, or debt consolidation. Allows borrowers to utilise equity in their property to reduce repayments for the first 2 years.
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Eligible Borrowers
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Borrowers facing a period of reduced income such as maternity leave or study leave or borrowers facing increased expenditure for renovations or school fees. Also property investors wishing to free up cash for investments or business.
Low-Doc loans not available.
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Type of Rate
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Variable only.
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Interest Only
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2 years of Time Out period only.
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Loan Splits
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Up to 3 splits.
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Loan Size
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$100,000 to $1,000,000
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Term
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Up to 30 years. (Principal & Interest ater 2 years)
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Repayment Frequency
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Fortnightly or monthly.
Additional repayments allowed.
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Redraw Facility
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Yes, after Time Out period
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Portability
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Available (conditions apply)
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Loan to Value Ratio:LVR
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83%
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Valuation Fee
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NIL for the first valuation up to the cost of $250.
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Other Costs
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Solicitor Fees $350. Settlement Fees, processing & disbursement fees may apply.
Borrower's legal costs, government charges, insurance payable by the borrower.
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Non-Proceeding Fee
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$495 payable when an application is conditionally approved and a valuation completed, and the applicant decides after the valuation not to proceed with the loan.
This includes situations where the valuation comes in below applicant's expectations, resulting in the application being withdrawn.
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Lenders Mortgage Insurance
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Payable where the loan balance at the end of the Time Out period, including capitalised interest is greater than 80% of the present day value of the security.
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Internet Access
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Available
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Variation/switching Fee
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$250. (not available during Time Out period)
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Discharge Fee
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$250 per security discharged.
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Deferred Establishment Fee (DEF)
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1.2% for the first 4 years, nil after the 4th anniversary.
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*WARNING: The comparison rate is calculated on a loan of $250,000 over 25 years. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. All loans are subject to the lenders normal terms and conditions. Loan qualification criteria apply. Interest rate quoted is available for all new applications received. The rates are indicative only and subject to change at any time.
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