| CLIENT PROFILE |
Eagle's Lo Doc loans suit self-employed or full time investors who are unable to produce financial statements at the time of application.
Borrowers must disclose their ABN and have held it for a minimum of 18 Months. If the LVR is below 80% and the loan amount below $1.75M then there is no time limited on the period it must be held for.
Loans are available to both indivuals and corporate entities - registered Australian companies, partnerships or trustee companies.
|
| LOAN TERM |
30 Years |
| MAXIMUM LOAN SIZES |
Lo Doc -
90%LVR - $750,000
85% LVR - $1,000,000
75% LVR - $1,250,000
|
| SERVICING REQUIREMENTS |
A completed Lo Doc Declaration for each borrower. loans in excess of $1.25M will be required to provide additional evidence which will include an accountants letter, bank account statements, and/or evidence of genuine savings, income or equity build up through asset accumulation. |
| INTENDED USE |
Owner Occupied / Investor
|
| REPAYMENT OPTIONS |
Principal & Interest (P&I)
Interest Only (IO) |
| INTEREST ONLY OPTIONS |
Up to 5 Years then auto converting to P & I |
| CREDIT REPORTS |
Clear credit is generally required. However, loans may be approved with credit impairment if they are satisfactory non financial defaults. An interest rate loading of 0.25% will apply. Full written explanations must be provided. |
| ADDITIONAL REPAYMENTS |
Variable interest rate options only |
| SUBSTITUION OF SECURITY |
Available in line with credit criteria - simultaneous settlement required. |
| LOCATION |
All metro and category 1 areas. Outside metro or major regional areas an interest rate loading of 0.35% will apply |
| STATEMENTS |
1/2 Yearly |
| REDRAW FEES |
Available - Minimum $500. 2 free per month/$175 thereafter |
| FIXED INTEREST |
Available on request |
| RISK FEES |
Lo Doc -
90% LVR - 2.00%
85% LVR - 1.75%
80% LVR - 1.50%
75% LVR - 1.25%
|
| BORROWERS LEGAL EXPENSES |
At Borrowers expense |
| LENDERS LEGAL EXPENSES |
At Borrowers expense |
| VALUATION EXPENSE |
$375 payable on application |
| APPLICATION FEE |
1.5% plus GST or $1,500 whichever is the greater. |
| CAPITALISATION FEE |
Fees can be capitalised to a maximum of 1.5% of the proerty value. The fees allowed to be capiatalised are the risk fees, legal fees ($350 only), title insurance and completion fees. |
