Variable Rate Home Loans - ING DIRECT - Construction |
 |
 |
to select a different loan amount and loan term. Currently: $150,000 over 30 years |
|
| Home Loan Lender |
 |
ING DIRECT Home Loan |
|
| Home Loan Product Name |
Construction |
| Interest Rate |
7.90% |
Comparison Rate
Estimated |
8.41% |
| Amount |
$150,000 |
| Term |
30 years |
Initial Monthly Payment
Estimated |
$1,148.06 |
Monthly Payment
Estimated |
$1,148.06 |
Total Paid
Estimated |
$413,280 |
| Establishment Fee |
$0.00 |
| Enquire/Apply |
 
|
| Target Market |
Owner Occupier, Residential Investment, Construction
,
Maxim term generally 12 months for construction then reverts to Mortgage Simplifier
,
First-time home buyers with evidence of deposit and strong ability to repay
,
Home owners undertaking extensive renovations
,
NOTE owner builders and developers are not eligible |
| Acceptable Income |
Applicant Types
,
PAYG Income Earners
,
Self Employed
,
Retirees evidence of ongoing capacity to repay after retirement is mandatory |
| Loan Term |
Maximum term in construction is 12 months, loan converts to Mortgage Simplifier on completion of the construction or after 12months whichever is sooner
,
Maximum term 30 years |
| Loan Size |
Minimum $50K
,
Maximum Owner Occupier $2M
,
Owner Occupier and Investment 90% LVR plus capped LMI for loan amounts up to $300,000 Loans higher than $500,000 require ING Bank Risk Management approval |
| Repayment Type |
Principal & Interest and Interest Only
,
P& I or interest only available for maximum of first 5 years of loan term.
,
Owner Occupier and Investment P & I and Interest Only options available.
,
During Construction
,
Interest only on balance of funds drawn
,
Interest capitalisation is NOT permitted
,
After Construction
,
Once construction is finalised, or 1 year after settlement date of land-
,
whichever occurs first, the loan will convert to a Mortgage Simplifier.
,
Switch to a different type of product at this time may be considered |
| Repayment Options |
Fortnightly or monthly repayments
,
During Construction Interest Only repayments
,
Additional repayments permitted |
| Extra Repayments |
|
| Split Loan Facility |
Not available |
| Offset |
Not applicable |
| Redraw Facility |
Not available until after construction is completed
,
Conditions apply for access to Telephone and Internet Banking Note Redraw not available during the construction period |
| LVR |
Customers contribute their equity upfront towards the purchase of land
,
Construction Loan
,
Postcode LVR up to $1.05M (inclusive of land component)
,
Subject to mortgage insurers policy; generally:
,
Up to 90% LVR for owner-occupied loans
,
Up to 90% LVR for investment loans
,
Vacant Land Maximum LVR 80%
,
If LVR exceeds 80% (70% in some areas - refer postcode LVR policy)
,
,
Up to 90% LVR (plus capitalised LMI premium) of on completion valuation where construction is to commence immediately (ie construction contract is already in place).
,
Up to 80% of land valuation (or purchase price, whichever is the lower) where there is a commitment to commence construction of a dwelling within 12 months of funding (ie construction contract is not in place) |
| Fees |
Establishment Fee Nil
,
Account Keeping Fee Nil
,
Additional Valuation Fee Refer to Postcode Valuation Costs in Lender Doc Folder Loan Applications
,
Final Valuation Fee Refer to Postcode Valuation Costs in Lender Doc Folder Loan Applications
,
Document & Settlement Fee $220 (displayed as Mortgage Preparation)
,
Increase / Decrease $100
,
Deferred Est Fee
,
1 Year $1400
,
2 Year $1050
,
3 Year $700
,
4 Year $ 350
,
Fixed Rate Lock In Fee $499 |
| Enquire/Apply |
|
| Other Variable Rate Home Loans |
 |
|
|
|
|
 |
| Other ING DIRECT Home Loan Products |
|
|
|
|
|
|
This Comparison Rate applies only to $150,000 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.
|