| CLIENT PROFILE |
Eagle's Lo Doc and Jumbo Lo Doc loans suit self-employed or full time investors who are unable to produce extensive financial statements at the time of application.
Borrowers must disclose their ABN which must be held for a minimum of 18 months where the LVR is greater than 80%. There is no time limit on LVR's below 80% and the loan amount is less than $1,750m. Co borrowers may be PAYG.
Income verification is required by way of Income declaration and for loan above $1.25m an Accountant income verification in Eagle standard format is required.
|
| LOAN TERM |
30 Years |
| MAXIMUM LOAN SIZES |
Lo Doc -
90%LVR - $750,000
85% LVR - $1,250,000
75% LVR - $1,750,000
Lo Doc Jumbo -
70% Refinance -$Up to $5 Million
75% Purchase - Up to $5 Million
|
| SERVICING REQUIREMENTS |
A completed Income Declaration for each borrower
Loans in excess of $1.25M will require additional evidence of servicability, this normally includes an Accountants letter, bank statements and/or evidence of genuine savings, income or equity build up through asset accumulation. ABN must be valid for 18 months. |
| 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 |
Yes |
| 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. |
