| Home Loan Lender |
 |
Heritage Home Loan |
|
| Home Loan Product Name |
Bridging Loan |
| Interest Rate |
9.38% |
Comparison Rate
Estimated |
9.30% |
| Amount |
$150,000 |
| Term |
30 years |
Monthly Payment
Estimated |
$1,231.84 |
Total Paid
Estimated |
$444,420 |
| Establishment Fee |
$900.00 |
| Enquire/Apply |
 
|
| Target Market |
Bridging Loan product is designed to provide short-term finance for residential property purposes. It would suit owner-occupiers/ investors purchasing a home with the intention of selling their existing home shortly thereafter. For this reason, the loan would typically be sold in conjunction with a residual loan (standard loan that will continue beyond the bridging period). Security is to be over the property that will be sold. Multiple securities (not property being purchased) can apply providing the sale of one/both will clear debt in full within maximum term of loan
,
The product has been designed primarily for situations when a member requires finance for a short period and wishes to avoid the early termination penalty on other retail mortgage loans; or does not satisfy normal qualifying (NSR) criteria. |
| Acceptable Income |
Self Employed, Salary & Wage earners. |
| Loan Term |
Standard term 6 months but can be extended to maximum term of 12 Months with approval of Credit Manager.
,
Bridging Loan must be repaid in full within normal lending terms. |
| Loan Size |
Minimum amount $20K
,
Maximum no maximum limit (Refer BDM for loans over $750K). |
| Repayment Type |
Standard Variable Interest Rate (no fixed or discounted rates available)
,
Calculated daily and debited to the loan account at the end of each month. Interest is automatically capitalised. |
| Repayment Options |
No Repayments Required. In Full on Sale of Property. |
| Extra Repayments |
|
| Split Loan Facility |
Existing and new securities can not be interlocked to cover the bridging loan.
,
1) Bridging Loan (existing property) 2. New Loan product (property being purchased) for End Debt. |
| Offset |
Not available |
| Redraw Facility |
Not available |
| LVR |
Maximum LVR 72% plus capitisation of interest.
,
Owner Occupier Maximum LVR 72%
,
Investment Maximum LVR 72%
,
Construction Maximum LVR 72%
,
Refinance Maximum LVR 72%
,
Land Maximum LVR 72%
,
Debt Consolidation N/A |
| Fees |
Application Fee $900 which includes First security valuation if required to a maximum amount of $330). In cases where two valuations are required, the bridging loan security valuation will be covered up to $330, and the residual loan security valuation will be paid for by applicant.
,
Additional valuations are $205min. (maybe higher depending upon Property Valuation Figure)
,
Account Keeping Fee Nil
,
Early payout: Nil
,
Agent’s Settlement Fee $0-$250 (Varies from State to State)
,
Finalisation Fee $200 ( Payout of loan).
,
With the exception of Trust, company, Guarantees attract a fee of $250 in addition to app. Fee. Multiple securities $100 charged for additional securities in same state. Additional fee of $150 for additional securities in another state. |
| Enquire/Apply |
|