Line of Credit Home Loans - The Rock Building Society - Equity Line |
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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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The Rock Building Society Home Loan |
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| Home Loan Product Name |
Equity Line |
| Interest Rate |
9.72% |
Comparison Rate
Estimated |
9.57% |
| Amount |
$150,000 |
| Term |
30 years |
Monthly Payment
Estimated |
$1,263.47 |
Total Paid
Estimated |
$455,280 |
| Establishment Fee |
$600.00 |
| Enquire/Apply |
 
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| Target Market |
The line of Credit facility gives the client direct access to the equity in their home via Cheque book, ATM's, EFTPOS, and other direct entry facilities such as I Bank (Internet Banking).
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Residential owner occupied or investment property.
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Purchase of residential land.
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Construction of residential property ( construction conditions apply).
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Home improvements.
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Refinance of other financial institution loans.
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Personal or consumer items.
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Purchase of an investment portfolio.
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Business purposes (subject to Loan Managers approval).
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Non-Genuine or Genuine Savings.
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Acceptable Loan Purpose.
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Purchase or construction of owner occupied or investment property.
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All loans must have principal and interest repayments.
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Loans for working capital or payment of personal or business tax liabilities are specifically excluded. |
| Acceptable Income |
Income calculation for serviceability is reliant upon Mortgage Insurance approval by either Genworth or PMI. There are different calculations, test rates and guidelines. Access to criteria for PMI can be accessed via Website www.PMIGroup.com.au. Use the Genworth Calculator at current standard rates as an average test of serviceability. |
| Loan Term |
Maximum: 30 years.
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Fixed Rate Period: 1,2 or 3 years. |
| Loan Size |
Preferred Minimum: Stand Alone $50K.
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In conjunction with a home loan $10K.
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Maximum: $3.5M |
| Repayment Type |
Interest Only.
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10 years interest only then converting to 15 years or 20 years P&I. |
| Repayment Options |
Weekly, Fortnightly or Monthly payments following conversion to P&I
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Interest Only repayments until expiration of Interest Only Period.
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The Rock prefers that clients have their salary and / or rent and dividends credited direct to the facility so as to minimise the interest paid. |
| Extra Repayments |
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| Split Loan Facility |
Yes. |
| Offset |
Not applicable. |
| Redraw Facility |
Not Required. |
| LVR |
Owner Occupied & Construction Maximum LVR 80%.
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Residential Investment Maximum LVR 80%.
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Refinance Maximum LVR 80%.
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Maximum LVR 80% for any wothwhile purpose including construction. |
| Fees |
Application Fee $600 (includes the valuation of one security property)
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Additional Valuation Fee $275. (To the value of $1 million the Valuation Fee will be added to the Application Fee).
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Progress Inspection Fee $125. This fee is charged for each of the first and final builders payments
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Release Fee:$380.
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Switch Fee:$250..
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Variation Fee:$275.
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Line of Credit Product - can be accessed by cheque book and "cash card". A fee applies to each debit transaction. Transfers to accounts at another financial Institution using Bank or bill payments using Bay (through Rock Direct) will be fee free. |
| Enquire/Apply |
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| Other Line of Credit Home Loans |
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| Other The Rock Building Society 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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