Basic Home Loans - AMP - Basic Variable Rate

This loan is suitable for
PAYG, Self Employed, Salary & Wage Earners.
Tax Returns are required to demostrate additional income for serviceability purposes. (Income such as overtime, commisions, bonus, casual and contract), a minimum one year's Tax Assessment Notice is to be supplied and 2 year's group certificates and / or tax returns.

Home Loan Loan Term
Minimum Principal & Interest - 10 years; Interest Only selected IO period
Maximum Interest Only term 5 years (10 years subject to Credit approval)
Maximum total term- 30 years

Home Loan Loan Size
Minimum loan $40K
Maximum Loan $2M
For greater than $2M refer to BDM.

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Home Loan Repayment Type
Principal & Interest,
Interest Only

Repayment Options
Principal & Interest - Weekly, Fortnightly or Monthly.
Interest Only - Monthly

Extra Repayments
Yes at any time by electronic transfer, by mail or deposit made at Australia Post.

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Split Loan Facility
Yes available up to 10 splits with min $10,000 per split.
Additional Splits available are Fixed Rates, Basic Variable and Business Classic Loans.
$75 per additional split (Fees are waived if Basic is taken under Pro Pack).

Offset
Yes 100% Mortgage Offset, no account keeping and no minimum balance.

Redraw Facility
Yes. No minimum amount and no charge via BankNet and BankPhone. Via BankAssist operator a $50 fee and $2k minimum.

LVR for Basic Home Loans - AMP - Basic Variable Rate

Existing Customers - May borrow up to 95% LVR + LMI cap
New Customers - May borrow up to 90% LVR + LMI cap
Owner Occupier Maximum LVR90%
Refinance Maximum LVR 90%
Debt Consolidation Maximum LVR 90% up to 5 other debts
Over $1M subject to security location & and maximum LVR allowable.
Maximum LVR of 90% + capitalised LMI premium

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Fees for Basic Home Loans - AMP - Basic Variable Rate

Establishment Fee of $350
Settlement Fee of $250 plus Solicitors Fee $295 (Displayed Mortgage Prep Fee)
Pre Approval Fee $350
Multiple Security Fee $250 each additional property
Monthly Account Management Fee $0
Redraw Fee $0 ($0 via BankNet and BankPhone. Via Bank Assist its $50 fee and minimum $2000 redraw)
LMI processing Fee $100 (in addition to any LMI premium payable)
Additional Deferred Establishment Fee: 1% if discharged within two years 1-2 in lieu of the $1000 DEF above, however the $1000 still applies for years 3-4.
Valuation fees First is free. For valuations <$1M customers pays excess of $220 for metro and $330 for non-metro. For $1M customer pays excess of $550 in all areas.
Loan Variation Fee / Switch / Increase Fee $350
Master Limit Application Fee $200