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STANDARD VARIABLE RATE LOANS:
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Maximum Lending Ratios: |
100% of the security value up to $500,000; 95% of the security value up to $750,000; 90% of the security value up to $1,000,000; 80% of the security value up to $1,500,000; 75% of the security value up to $2,000,000; 65% of the security value up to $3,000,000; 60% of the security value up to $4,000,000. |
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Eligible Borrowers: |
PAYG borrowers who have been working for a minimum six (6) months in a full time position or twelve months (12) in a part time/casual position. PAYG employment terms which are less than this will be considered on a case by case scenario. The following documents are required to evidence your income:
* Two (2) current pay slips no older than one (1) month on application; and
* Most recent years Group Certificate OR letter from your current employer.
Self employed borrowers who have been operating their business for a minimum two (2) years. The following documents are required to evidence your income:
* Two (2) most recent years full financial statements; and
* Two (2) most recent years tax returns and assessments.
If you are self employed and your tax returns are not up to date you may be eligible for our low doc loan. See below for further details. |
LOW DOC VARIABLE RATE LOANS:
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Maximum Lending Ratios: |
80% of the security value up to a maximum loan of 1,500,000; 65% of the security value up to a maximum loan of $2,000,000; 60% of the security value up to a maximum loan of $3,000,000. |
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Eligible Borrowers: |
The primary borrower for a low doc variable rate loan must be self employed. No financial statements or tax returns are required to evidence your income. You simply complete and sign a declaration confirming your gross annual income and this is used to assess the serviceability of the transaction.
PAYG borrowers are only acceptable as secondary applicants. Evidence of their income as outlined above must be provided.
Other Parameters:
You must have at least $50,000 in net assets which can only be made up of equity in property, cash at bank or shares.
You must currently own property or:
Have previously owned property and be able to demonstrate that the property sale proceeds have been held in a bank account and will be used to complete the purchase of the new property or
Be able to demonstrate 20% genuine savings. |
DISCLAIMER: The loan parameters noted above are reviewed and amended from time to time in our absolute discretion. Other loan parameters & conditions apply. You should not rely upon being granted a loan if you believe that your circumstances fit within the above loan parameters. Full details are available on application.
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