ADVANTAGE
FINANCE (SA) Credit Access RENOVATING LOAN
- Flexible facility offering direct salary crediting, a full
redraw facility (with Direct Card) with no ongoing fees at
a very competitive interest rate.
- Suited to borrowers currently employed and subject to PAYG
taxation; have been self-employed, or have been full-time investors,
for at least the past two years (must be able to substantiate
income over two year period).
- Borrowers may be companies or trusts. Loans may be regulated
or unregulated, and for any worthwhile purpose.
LVR/Loan Amount*
90% up to $1M
80% up to $1.5M
75% up to $2M
* LVR/Loan amounts may still be subject to
conditions set by applicable Lenders Mortgage Insurers.
Lenders Mortgage Insurance (LMI)
Required on all loans. The premium will be
paid on behalf of the borrower for loan sizes up to $1,000,000
where the LVR is less than 80%. Borrower paid above 80%, LMI
capitalisation is available to maximum LVR of 95%
Jumbo loading
N/A - There is no interest rate loading available
to absorb the cost of the LMI premium.
Maximum Exposure
No set exposure limit per applicant or associated
entity providing serviceability is evident Exposure limits may
still be subject to conditions set by applicable Lenders Mortgage
Insurers.
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
IO 1 to 5 years > 85%LVR
IO Up to 10 years < 85%LVR
Repayment Options / Frequency
Repayments can be made by direct debit request
or direct electronic credit weekly, fortnightly or monthly. Extra
payments on variable rate loans can be made at any time
Fixed Option
All or part of the loan can be converted to
a fixed rate loan at any time at no cost (subject to a 4 split/portion
maximum)
Direct Card
This product offers you a direct card which
allows you to redraw funds from your loan account* at most Bank
and Credit Union ATMs and at retailers displaying the EFTPOS
symbol. Internationally, you will also be able to redraw funds
from ATMs displaying the Visa Plus symbol in over 160 countries.
Direct Debit
Pay your loan by direct debit monthly fortnightly
or weekly.*
Direct Salary Crediting
Have your income directly paid into your loan
account and use your redraw facility over the phone or via the
Internet to access your money when needed.*
Redraw
Available as required ($50 min.) accessed over
phone or via the Internet.
Principal Reductions
Yes no limit, however ‘manual’ re-amortisation
requests are required.
Portability
The security property can be substituted if
required. A ‘Deed of Set-Off is available’ allowing up to 3 months
for the substitution of the security property (details on request).
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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