Variable Rate Home Loans - Keystart - Keystart (WA Only) Land 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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Keystart Home Loan |
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| Home Loan Product Name |
Keystart (WA Only) Land Loan |
| Interest Rate |
8.74% |
Comparison Rate
Estimated |
8.81% |
| Amount |
$150,000 |
| Term |
30 years |
Monthly Payment
Estimated |
$1,178.98 |
Total Paid
Estimated |
$425,115 |
| Establishment Fee |
$675.00 |
| Enquire/Apply |
 
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| Target Market |
Please mark at the top of the Loan Summary Details section of the Lodgement Pack "LAND ONLY LOAN" in bold letters.
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Where applicants are purchasing vacant land and the contract to build the new home is not yet available, the vacant land is now acceptable as security provided
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Construction of the new Home commences within 12 months of settlement
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No "Fee Assistance" is available
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Statutory Declaration from all borrowers stating,
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They intend to build within 12 months
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The Home will be for Owner occupation
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All existing property held by the applicants will be sold
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An acknowledgement that should these conditions not be met that Keystart may require repayment of the loan on request
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(This document will be issued with the pre-approval letter). |
| Acceptable Income |
Maximum DSR loan = Tiered Structure Based on total DSR of gross income level & dependents as follows:
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Income $35,Kpa or below - 36% DSR
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Income above $35,000 Single/Couple without dependents 42%DSR
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- +Dependents 39%DSR
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PAYG, PAYG under contract, Self Employed, Allowances: Shift, Offshore, Casual, Permanent Part Time, Maintenance, Centrelink Pensions, Aged, Newstart, Youth Allowance, Parenting & Carers Allowance, Sickness & Special Benefits
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Maximum assessed income $170K per application (i.e. per household). |
| Loan Term |
Maximum loan term 30 years subject to conditions |
| Loan Size |
Maximum amount $285K (including Fee Assistance)
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Maximum security property value $300K. |
| Repayment Type |
Principal & Interest
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Interest only repayments will be available for up to 12 months. A Review of this facility will be undertaken in 12 months. |
| Repayment Options |
Weekly, Fortnightly or Monthly
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Monthly payment (e.g. monthly rep divided by 4 for weekly). |
| Extra Repayments |
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| Split Loan Facility |
Not Available. |
| Offset |
Not Available. |
| Redraw Facility |
Redraws are now available for "all purposes".
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There is no longer the need to supply invoices for work to be completed and the redraw amount can be released back to the client.
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Minimum Redraw is $K.
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No fee for Redraw. |
| LVR |
Owner Occupier LVR 98%
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Investment Maximum LVR 0
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Construction Maximum LVR 98%
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Refinancing Maximum LVR 98%
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Land Loans
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Up to $250K 98% Loan to Value ratio
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Over $250K to $300K 95% Loan to Value ratio
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Refinance - in case of partnership breakdown where a pay out to a partner is required, the Scheme Manager may approve such loans up the Keystart loan maximum taking into account the amount of the existing loans and the additional advance required to pay out he partner.
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Refinance of another institutions loan will not normally be considered unless the refinance is under the Restart Scheme. Please refer to Lender. |
| Fees |
Loan Establishment Fee $500
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Valuation Fee $175- (initial fee includes GST country valuation are subsidised to a maximum amount of $400) note payment of valuation fees can be made by Visa, Bankcard or MasterCard - cardholder to complete in full and sign the authority and fax through or send it with your application.
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Legal Fees $239.45 (Fee displayed as Mortgage Preparation )
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Deferred Establishment Fee - within the first 24 months of funding date $0.8%
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between 24 to 36 months of funding date 0.6%
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between 36 to 48 months of funding date 0.4%
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between 48 to 60 months of funding date 0.2%
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more than 60 months from funding date Nil
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Loan increase amounts will include covering
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the fees associated with the increase. These are as follows
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Application Fee $200 (waived when increasing Land Only Loan for Construction)
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Valuation Fee $175 metro, at cost for country areas (No subsidy)
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Progress Inspections $65 per inspection, or at cost for country (refer contract) where structural improvements are being completed
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Legal Fees - DHW $22
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Stamp Duty In accordance with current rates. |
| Enquire/Apply |
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| Other Variable Rate Home Loans |
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| Other Keystart Home Loan Products |
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