ADVANTAGE
FINANCE (SA) 'LOW DOC' NoFin Equity access HOME LOAN
our NoFin Equity Access product offers direct
salary crediting and a full redraw facility with no ongoing fees.
Proof of income is not required for self-employed persons. This
facility is available on both regulated and unregulated loans.
At least one applicant must have been self-employed for at least
two years in the same business.
LVR/Loan Amount
80% $50,000 - $1,000,000 70% $50,000 - $750,000
Maximum Exposure
$1,000,000 per loan. Exposure limits may still
be subject to conditions set by applicable Lenders Mortgage Insurers.
GE max exposure per applicant $2,500,000, thereafter full traditional
income evidence required. PMI max exposure per applicant $2,500,000,
thereafter full traditional income evidence required
Lenders Mortgage Insurance (LMI)
Lenders Mortgage Insurance is required on all
loans. An optional loading is available for the LMI premium to be
paid on the borrowers behalf (see table below for applicable interest
rate loadings). Note: No LMI is payable on <65% LVR to $1,000,000
| LMI loading less than/equal
to $750,000 <70% |
Nil |
| LMI loading less than/equal to $750,000
<70% less than/equal to 80% |
0.35% |
| |
|
| LMI loading > $750,000 less than/equal
to 65% |
Nil |
| Max. $1,000,000 > 65%
- less than/equal to 70% |
+0.25% |
|
> 70% - less than/equal to 80% |
+0.35% |
Rate Reduction / Stepdown
No rate reduction or stepdown option is available
with NoFin Equity Access.
Loan Terms
Up to 30 years
Split Facility
One loan with up to 4 loan splits/portions
allowed. Useful for distinguishing between loan purposes and
providing assistance with income tax preparation
Repayments
Principal and Interest or Interest Only for
2, 3, 5 or 10 years
Fixed Option
All or part of the loan can be converted to
a fixed rate loan at any time
Repayment Options
Repayments can be made by direct debit request,
direct electronic credit or inter-account payment (IAP)
Frequency
Instalments can be made weekly, fortnightly
or monthly
Telephone & Internet Access
Yes, 7 days
6.00am – 12 midnight AEDT, ‘Pay Anyone’ facility available
3rd Party / Outward Direct Debits
Automatic direct debit payments of regular
expenses can be made from the loan account with the Deluxe option
only
Direct Debit
Pay your loan by direct debit monthly fortnightly
or weekly
Direct Salary Crediting
Salary and other income such as rental income
or dividends can be directly paid into the loan account and accessed
via the redraw facility over the phone or via the Internet when
needed
Pay Anyone
You can send funds to any third party bank
account from your NoFin Equity Access loan account
Redraw
Available as required ($50 min.) accessed
over phone or via the Internet
Additional Payments / Principal Reductions
Extra payments (no limit) are allowed on variable
rate loans and can be made at any time. ‘Manual’ re-amortisation
requests apply
Portability
The security property can be substituted if
required (must be simultaneous settlement. Note there may be
restrictions if loan amount/LVR needs to be altered
Need more information or explanation?
Contact one of our friendly loan consultants
and we will gladly assist you - 08 8351 5444
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