Split Facility
Take the Line of Credit as a sub account within a split loan, which has up to 4 loan accounts allowed.
Otherwise it can be a stand alone facility.
Loan Size
- $30,000 up to $750,000 if taken as stand alone
- $30,000 up to $2,500,000 if taken in combination with a standard account
Purpose
Any worthwhile purpose
Term
30 years
Repayments
Interest Only for 15 years (revolving credit period) reverting to P & I over the balance of the loan term.
Repayments are collected on the 2nd business day of the following month by Direct Debit and payment will fluctuate according to the interest charged on the 15th of the previous month.
Statements
Monthly statements during the revolving credit period, reverting to 6 monthly statements afterwards.
Drawdown
Funds available for drawdown can be accessed via the Loan Service Net or Loan Service Line to a nominated bank account, $50 minimum drawdown and fee free.
LVR
| Loan Amount if taken as part of a split loan Max |
LVR |
| $30,000 - $500,000 |
95% |
| $500,001 - $750,000 |
90% |
| $750,001 - $1,000,000 |
85% |
| $1000,000 - $2,500,000 |
70% |
| If taken as a stand-alone line of credit product, LVR shall not exceed 90% up to $500K & 85% up to $750K. The maximum loan size shall be $750K. |
MasterCard Access
MasterCard access for purchases and free ATM access to cash (selected ATM’s only), all at line of credit rates.
Chequebook Access
A Loan Service Cheque is an easy way to access funds available in the Line of Credit. It’s a great alternative for payment of larger goods and services.
Pay Anyone
Transfer funds to any other Australian bank account or to your other loans.
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 MasterCard, Chequebook or drawdown facility over the phone or via the internet to access your money or pay bills.
Internal Transfers
Transfer funds to your other loans or to other accounts within the same loan.
|