| Fastdoc allows self-employed applicants to demonstrate their ability to afford a loan by signing a declaration as opposed to providing evidence of income.
It’s an overlay to all available products except for Construction and Non-Resident
Fastdoc 80
- Self employed applicants; Declaration of Income and Affordability
- Employed applicants; usual income verification
- Must be self employed more than two years
- Regulated and unregulated purpose available
Fastdoc 70
- Self employed applicants;
- All applicants; Declaration of Affordability
- No minimum period of self employment
- Regulated and unregulated purpose available
Self Employment Self employment should be evidenced from CRAA and /ABN or from other searches such as www.abr.business.gov.au
Statements Standard loans free six monthly statements
Line of Credit free monthly statements
Interim statements can be issued on request free of charge
LVR
| Loan Amount |
Fastdoc 80 |
Fastdoc 70 |
| $30,000 - $750,000 |
80% |
70% |
| $750,001 - $1,000,000 |
80% |
N/A | Construction Option Available
Direct Debit Pay your loan by direct debit monthly fortnightly or weekly.
Direct Salary Crediting Have your income directly paid into your home loan account and use your re-draw facility over the phone or via the Internet to access your money when needed.
Internal Transfers Transfer funds to your other loans or to other accounts within the same loan.
Pay Anyone Transfer funds to any other Australian bank account or to your other loans.
MasterCard and Chequebook Access MasterCard and Chequebooks can be linked to FASTDOC Line of Credit accounts
Split Loans If a Fastdoc loan is included in a split loan, all accounts must be either “Fastdoc 80” or all “Fastdoc70”
Fees No monthly administration fees
|
PURPOSE |
Owner occupied or investment property purchases, construction, re-financing existing residential or business loans |
|
LOAN SIZE |
From $30,000 to $1000,000 per security property |
|
TERM |
Up to 30 Years |
|
REPAYMENTS |
Principal and Interest or Interest Only for 2,3,5 or 10 years and Line of Credit 15 Years |
|
FREQUENCY |
Weekly, fortnightly or monthly. Extra repayments can be made on variable loans at any time |
|
CONVERT TO FIXED RATE |
All or part of the loan can be converted to a fixed rate at any time at no cost (subject to maximum of 4 a/c) |
|
SPLIT LOAN FACILITY |
Up to 4 separate splits per facility. Transfer funds between splits using Inter Account Payment facility |
|
RE-DRAW FACILITY |
Unlimited re-draw at no cost. Minimum re-draw $50 when using Loan Service Line or Loan Service Net for all variable rate loans |
|
PAY ANYONE |
Payment can be made to any bank, building society or credit union directly from your loan using a valid BSB and account number (excludes credit cards). Max $5000 per day. Not available during a fixed rate period |
|
MAXIMUM LVR |
· 70% for all loans |
|
FEES |
No monthly administration or ongoing fees |
|
Application Fee |
To be set by Originator |
|
Deferred Admin Fee |
A Deferred Administration Fee of 1.20% of the initial loan principal amount is payable if the loan is fully discharged within five years of settlement |
|
Security Discharge Administration Fee |
A Security Discharge Administration Fee of $350 is payable upon full repayment and discharge of the loan. |
|
Government & Bank Charges |
For example, mortgage duty, registration fees and property searches |
|
Legal fees & disbursements |
Client will pay costs associated with their own legal fees and disbursements |
|
OTHER CONDITIONS |
· All repayments to be made by electronic direct debit
· Lenders Mortgage Insurance is required for all loans. Premium is payable by AFIG Wholesale (conditions apply)
· No minimum net asset position required
· No minimum self-employment period
· Fastdoc Declaration to be signed by all borrowers/guarantors
· Security to be located in all mainland capital cities
· Break costs will apply to fixed rate loans if fixed rate period is being broken
· 1st registered mortgage over residential property required as security on all loans | |