| St.George No Deposit Home Loan | |||||||||
| Description | The St.George No Deposit Home Loan is designed to meet the market need for residential loans for customers with little equity but good cash flow, providing a loan of up to 100% of a property's purchase price or valuation (whichever is the lesser). The Loan Extension Fee Option is our simple, low cost option for customers buying or building an owner-occupied home. Loans do not have to be approved by an insurer (LEF is a fee, not an insurance premium), which allows applications to be processed quickly. This option delivers a competitive loan product helping customers achieve home ownership sooner. It is especially suitable for first homebuyers who are eligible for the First Home Owner Grant (FHOG). The Flexible Deposit Option provides customers with more flexibility than the competition. This option comes with competitive interest rates and Lender's Mortgage Insurance cover. It is suitable for customers who want to borrow 100% of the property value for investment purposes, vacant land or for investors who require interest based repayments. NB Sales of the Quick Start Option have been suspended. This option will be reviewed again after the First Home Owner Grant Boost finishes. The Quick Start Option is for customers who want to minimise the upfront costs of buying a home. Customers don’t pay a Loan Extension Fee or LMI but will pay a slightly higher interest rate. This is the ideal option for someone who wants to reduce their up-front costs and avoid paying an up-front risk fee (LEF) or lenders mortgage insurance premium. It is also useful for customers who have previously owned property and so are not eligible for FHOG or who wish to use the FHOG to clear other debts to improve their serviceability ratio. The No Deposit Home Loan product range is only available to customers who have an LVR of greater than 80%. |
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| Target Market | Any customer who does not have a deposit but does have a strong credit rating, stable employment and residential history. | ||||||||
| LVR | Up to 100% initial LVR | ||||||||
| Loan size |
*Geographic restrictions apply
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| Key Benefits |
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| Available For |
Flexible Deposit and Quick Start only
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| Not Available For |
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| Repayment Type / Loan Term | Principal & Interest 1 - 30 yrs Interest Only 1 - 5 yrs (Flexible Deposit and Quick Start Option - Investment only) Interest only not available for LEF |
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| Establishment Fee | |||||||||
| Administration Fees | |||||||||
| Interest rates | |||||||||
| Loan Extension Fee (LEF) | This is a fee payable where LMI cover is not available. Where applicable, the Bank is prepared to write the loan, but requires payment of a Loan Extension Fee (LEF), which is deducted from the loan proceeds at settlement. |
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| Lenders Mortgage Insurance (Flexible Deposit Option) | Lender's Mortgage Insurance (LMI) applies with the Flexible Deposit Option on the No Deposit Home Loan. LMI Rates are based on LVR Tier & Loan amount.
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| Repayments | Weekly, fortnightly or monthly frequencies allowed on Principal & Interest loans. Monthly frequency only for Interest Based repayments. | ||||||||
| Interest Offset | 100% offset Mortgage Equaliser (variable rate loans only) Partial offset (fixed rates loans only) |
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| Principal Reductions | Variable rate - Unlimited Fixed rates - Up to $10,000 per year before break costs may apply |
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| Redraw Facility | Available, on variable rate loans subject to the Bank's approval. | ||||||||
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