Variable Rate Home Loans - BMC - Origin P&I Variable

This loan is suitable for
Applicants with default considered on a case by case basis. If self employment 2 years of financials, and Tax Assessment required,
Approvals subject to PMI & Genworth criteria. (Average Affordability Ratio used being UMI of $1)

Home Loan Loan Term
10, 15, 25 and 30 years

Home Loan Loan Size
Minimum: $50,000
Maximum: $2,000,000

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Home Loan Repayment Type
Variable or Fixed
Variable Principal & Interest
Variable Interest Only for first 5 years, then variable Principal and Interest for the remainder of the term
Fixed Rates not available for Construction.

Repayment Options
Monthly available - Fixed or Variable
Fortnightly - Variable rate only

Extra Repayments
Variable loan principal reductions no penalty (In multiples of $250.00)
Fixed rate: Up to $10,000 can be repaid early in any 12 month period without the imposition of break costs.
Discharge whilst a variable rate applies
Early Repayment Fee 1.25% of the principal sum will apply in the first three years of the loan, 0.5% in year 4 and 0.25% in year 5.

Fixed Rates. The borrower will be required to compensate the lender by paying breakcosts.

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Split Loan Facility
Not available during the construction period.

Offset
Any additional payments off set 100% against the outstanding balance and can be redrawn as required

Redraw Facility
Redraw facility is standard on this product, with the exception of fixed rate.
There is no differential pricing if the borrower selects redraw.
Redraw is available on owner occupied and investment loans.
Borrowers can redraw any additional principal repayments made above the minimum monthly payment.
The minimum redraw amount is $2,500
No fees apply for redraw.

LVR for Variable Rate Home Loans - BMC - Origin P&I Variable

90% - For purchase of existing properties, construction of new homes
90% - For Investment & Re-finance loan

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Fees for Variable Rate Home Loans - BMC - Origin P&I Variable

Owner Occupied & Investment Establishment $330
Valuation fee Nil, however should the loan not proceed the valuation fee will be applicable and BMC Application Fee Form must be completed. (please contact BMC for more details)
Construction Establishment $750
The above fee includes the base legal fee and one valuation fee.
If there is more than one property to be valued a fee of $250 per additional property will be payable. (NB. If the property value exceeds $300,000; a quote should be obtained for the valuation cost.)
Legal disbursements will be additional and will be deducted at settlement.
Additional legal costs will apply as follows:
Additional Security Property - $250 per property
Guarantee - $100 per guarantee
Companies/Trusts - $100
Discharge Prior to Maturity
Fixed rates break costs will apply