Bridging Home Loans - Suncorp - Bridging 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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Suncorp Home Loan |
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| Home Loan Product Name |
Bridging Loan |
| Interest Rate |
7.95% |
Comparison Rate
Estimated |
8.09% |
| Amount |
$150,000 |
| Term |
30 years |
Initial Monthly Payment
Estimated |
$1,095.42 |
Monthly Payment
Estimated |
$1,095.42 |
Total Paid
Estimated |
$398,400 |
| Establishment Fee |
$600.00 |
| Enquire/Apply |
 
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| Target Market |
Short term loan facility (maximum term if 12 months) and has a variable rate that rises and falls with the market.
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Using equity in their existing property, the customer can take out a
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second loan (a Bridging Loan) to buy the new property; this Bridging
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Loan will be paid out when the existing property is sold. |
| Acceptable Income |
As per policy guidelines.
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Serviceability needs to be demonstrated for 120% of end. |
| Loan Term |
Maximum: 1 Years.
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Maximum Loan Term Preferred Maximum term is 9 months. |
| Loan Size |
Minimum: $10,000.
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Maximum: Unlimited. |
| Repayment Type |
Interest only.
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Interest can be capitalised Maximum LVR 70%.
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80% for non interest capitalisation and 70% Equity for interest capitalisation. |
| Repayment Options |
Weekly or Fortnightly or monthly payments. |
| Extra Repayments |
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| Split Loan Facility |
Yes. 1 free. |
| Offset |
Not applicable |
| Redraw Facility |
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| LVR |
Owner Occupier Maximum LVR 80%.
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Investment Maximum LVR 80%.
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Construction Maximum LVR 80%.
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Refinance Maximum LVR 80%.
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types of security acceptable for Bridging Loans.
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Residential property security.
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Term Deposits held with Suncorp-Metway.
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In all cases the Bank's security must include a first registered interest in the property's) being sold to provide the source of clearance/ debt reduction.
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Generally, Guarantee security would not be considered for Bridging Loan proposals.
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LVR is calculated on the lower of security purchase price or Bank valuation in all cases.
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The maximum available LVR is dependant upon the type of security offered:
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1. Residential property - Maximum LVR 80.0%
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2. SML Term Deposit security Maximum LVR 100.0%
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Additional LVR restrictions apply if the Bridging Loan request involves any portion of interest capitalisation.
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In these cases the maximum LVR for residential securities reduces to 70.0% after the interest provision has been added to the loan amount. |
| Fees |
Establishment Fee:$600.
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Account Keeping Fee $10 p.m..
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Establishment fee includes all Valuations and Legal Fees.
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Additional Valuation Fee $160
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Split Loan Fee $200
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Progressive Funding Fee $250 |
| Enquire/Apply |
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| Other Bridging Home Loans |
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| Other Suncorp 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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