Low Doc Home Loans - ING DIRECT - Lo Doc Smart Home Loan |
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to select a different loan amount and loan term. Currently: $150,000 over 30 years |
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| Home Loan Lender |
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ING DIRECT Home Loan |
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| Home Loan Product Name |
Lo Doc Smart Home Loan |
| Interest Rate |
7.79% |
Comparison Rate
Estimated |
8.53% |
| Amount |
$150,000 |
| Term |
30 years |
Monthly Payment
Estimated |
$1,136.40 |
Total Paid
Estimated |
$414,859 |
| Establishment Fee |
$499.00 |
| Enquire/Apply |
 
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| Target Market |
Borrowers wanting convenient access to funds.
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Revolving line of credit, for use as an interest minimiser type loan.
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Consists of 2 sub accounts the Lo Doc Smart Home Loan line of credit account and a linked nil interest Visa account (NIVA).
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Total approved credit limit is an aggregation of the Lo Doc Smart Home. Loan account and the NIVA account. |
| Acceptable Income |
To take advantage of this flexible variable rate loan all your clients
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need do is declare that they have sufficient regular income, sound
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credit rating and for PAYG applicants, a stable employment record.
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Self-employed people/companies must have registered ABN for at least 2 years.
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Evidence that applicants are registered for GST.
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Customer Declaration to be signed by all applicants. |
| Loan Term |
Evergreen.
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Loans reviewed every 5 years |
| Loan Size |
Minimum Loan $50,000
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Maximum Loan - $1.5M total facility (Lo Doc Smart Home Loan + NIVA) up to 60% LVR
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$1M total facility Lo Doc Smart Home Loan + NIVA) if LVR 60% - 80% (LMI required)
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NIVA monthly limit is 3% of total approved limit, or $10,000, whichever
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is lower NB: Only the Lo Doc Smart Home Loan account amount is available at settlement; for refinances, the amount required to pay out existing loan must be covered by Lo Doc Smart Home Loan core account amount |
| Repayment Type |
INTEREST ONLY |
| Repayment Options |
Repayments permitted at any time.
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Interest capitalised to 100% of the original credit limit before interest payments are required. |
| Extra Repayments |
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| Split Loan Facility |
Yes permitted (fees apply) |
| Offset |
N/A |
| Redraw Facility |
Telephone Banking
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Internet/IVR
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Cheque
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ATM via NIVA
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BPAY |
| LVR |
Owner Occupier Maximum LVR 80%
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Investment Maximum LVR 80%
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Refinance Maximum LVR 80%
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Debt Consolidation Maximum LVR 80% |
| Fees |
Application Fee $499
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Annual Line Fees An annual fee of $180 per year charged in arrears on settlement Anniversary
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Additional Valuations fees commence at $200 for a standard valuation which are paid upfront, Refer to Postcode Valuation Costs in Lender Doc Folder Loan Applications
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Document & Settlement Fee $220 (displayed as Mortgage Preparation)
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Product Switch $250 |
| Enquire/Apply |
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| Other Low Doc Home Loans |
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| Other ING DIRECT Home Loan Products |
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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.
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