Low Doc Home Loans - St George Bank - Lo Doc 1 yr fixed |
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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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St George Bank Home Loan |
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| Home Loan Product Name |
Lo Doc 1 yr fixed |
| Interest Rate |
7.14% |
Comparison Rate
Estimated |
7.99% |
| Amount |
$150,000 |
| Term |
30 years |
Initial Monthly Payment
Estimated |
$1,012.10 |
Monthly Payment
Estimated |
$1,087.68 |
Total Paid
Estimated |
$395,838 |
| Establishment Fee |
$750.00 |
| Enquire/Apply |
 
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| Target Market |
The Low Doc Home Loan is a fully featured home loan that meets the market need for customers (new and existing) who are unable to provide income documentation for the Bank to verify their income. |
| Acceptable Income |
PAYG income is used in the serviceability assessment. This applies to combined self employed - PAYG applicants, when the PAYG applicant must meet full serviceability policy (ie income is evidence and or verified). In this case an 80% LVR will apply. The bank won’t accept applications from single PAYG applicants. Exceptions will be considered by the Bank on a case-by-case basis. Standard policy to apply except verification of income is not required. Will need to confirm employment history meets eligibility requirements, i.e.:
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ABN & GST registration is required for 24 months.
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Refinance other Bank- 6 months statements.
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For other debts confirm payments are up-to-date. Borrower to provide
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current loan statements including last months
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Valuations to confirm any rental income (investment loans only)
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A new Affordability Statement has been produced. This statement will cover the following as a minimum:
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That the customer is able to repay the loan without substantial hardship,
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Confirmation that the customer has received and completed the Affordability Self Assessment do not send with loan submission.
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The Affordability Statement is to be signed by the customer and returned to the Bank with the Application Form. |
| Loan Term |
Loan terms Maximum 30 years
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Principal & Interest (repayments) 1 - 30 years
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Interest based (repayments) 1 - 15 years
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At the end of the Interest based term the repayments automatically change to Principal and Interest for the remainder of the contract term.
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Building Loans 1- 30 Years
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Available for contract builders only. No Owner Builders. |
| Loan Size |
Loan amounts from $50K
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Maximum loan amount increased to $1 million when LVR exceeds 60%
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Maximum loan amount increased to $1.5 million when LMI not required. |
| Repayment Type |
Principal and Interest
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Standard 1, 3 & 5 Years Fixed Rates
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Interest Based 1 - 15 years |
| Repayment Options |
Monthly repayments ONLY are allowed when paying Interest based
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Repayments.
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Principal & Interest
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Fortnightly repayments are one half of the minimum monthly repayment.
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Weekly repayments are one quarter of the minimum monthly repayment.
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These weekly/fortnightly repayments are rounded up to the nearest dollar.
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Progressive drawdown period repayments
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During the construction period (until loan is fully drawn down) we currently accept repayments, which are equal to interest charged
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for that period. At the end of the construction period, repayments will revert to one of either P&I or Interest based. |
| Extra Repayments |
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| Split Loan Facility |
Splits are only available within the Low Doc product set (i.e.. Low Doc Variable and Low Doc Fixed). |
| Offset |
As per product specifications - Interest offset facility available to help reduce the interest charged while still having access to funds at call. 100% offset (Mortgage Equaliser) only available on variable rate. |
| Redraw Facility |
Available on variable rate only nil minimum redraw amount and a redraw fee applies to each approved request.. |
| LVR |
Owner Occupied Maximum LVR 80%
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Investment Maximum LVR 80%
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Construction Maximum LVR 80%
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Refinancing Maximum LVR 80%
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Maximum LVR 80% for Self Employed
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Maximum LVR of 70% for PAYG
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Maximum LVR for Non Resident 60%
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Maximum LVR for Vacant Land 60% case by case bases.
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FASTRefi® is a process that allows settlement for refinancing of residential loans to be completed within days of the customer signing the loan documents. For more information on this service contact your broker support centre Mortgage Central on 1300 137 532. |
| Fees |
Establishment Fee $750
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Administration Fee $12 per month
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Additional security fee $100
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Redraw Fee Electronic $10
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Manual $25
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Increase Fee $500
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Switch Fee to Portfolio $500
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Consent to Subdivision $350
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Progress Payment Administration Fee $250
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Substitution of Security $350
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Renegotiation $500
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Discharge of Mortgage Fee $350
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Discharge Settlement Processing Fee $100
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Arrears Letter Fee $50
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Settlement/Lodgement Fee:$ 100 per loan (Fee displayed as Mortgage Preparation ) |
| Enquire/Apply |
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| Other Low Doc Home Loans |
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| Other St George Bank 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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