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Bridging Home Loans - Heritage - Bridging Loan

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Heritage
Comparison Rate 6.59%
Amount $200,000
Term 30 years
Monthly Payment Est. $1,270.72
Total Amount Paid Est. $458,460
Establishment Fee $900.00

6.55%

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Loan Features for Heritage - Bridging Loan
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.

This loan is suitable for
Self Employed, Salary & Wage earners.

Home Loan Loan Term
Standard term 6 months but can be extended to maximum term of 12 Months . Refer requests to BDM.
Bridging Loan must be repaid in full within normal lending terms.

Home Loan Loan Size
Minimum amount $20K
Maximum no maximum limit (Refer BDM for loans over $750K).

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Home Loan 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
Accepted.

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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 for Bridging Home Loans - Heritage - Bridging Loan

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

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Fees for Bridging Home Loans - Heritage - Bridging Loan

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.

 
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The comparison rate applies only to $200,000 with a loan term of 30 years. The loan amount and term will affect the comparison rate calculation. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparsion rate calculation but may influence the cost of the loan.

This rate is to be used as a guide only and we recommend that you confirm it with the lender before acting upon it.

The information provided in this website is a guide only and may not be complete for your purposes. Ratesonline.com.au is not licensed to provide investment advice and recommends that you consult an independent financial adviser.
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