Low Doc Home Loans - The Rock Building Society - Lo Doc LOC 5 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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The Rock Building Society Home Loan |
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| Home Loan Product Name |
Lo Doc LOC 5 yr fixed |
| Interest Rate |
9.20% |
Comparison Rate
Estimated |
10.26% |
| Amount |
$150,000 |
| Term |
30 years |
Monthly Payment
Estimated |
$1,335.24 |
Total Paid
Estimated |
$483,000 |
| Establishment Fee |
$600.00 |
| Enquire/Apply |
 
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| Target Market |
Self-employed or full-time investors only must have minimum two years trading in current business.
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Must be Australian Citizen or Permanent Resident.
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Must have existing equity in Australian real estate.
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Credit Bureau report to be free of any default/judgement/bankruptcy.
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Available for Non-Regulated and Regulated.
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Purchase of vacant land, owner occupied or investment property and owner occupied or investment construction property.
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PAYG co-borrowers are acceptable. Their income is to be evidenced in the normal manner. |
| Acceptable Income |
Applicants must provide an Income Declaration for each self employed borrower stating that the proposed facility is within their ability to service and meet reasonable living costs. Monthly or yearly income amount to be provided in all instances. Note that the Lender must confirm the income declared on the declaration with the borrowers in all cases.
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Substantiation.
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All documentation required as normal (apart from Self employed party/s tax returns).
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If refinancing debts, evidence of satisfactory conduct for last 12 months to be supplied for each debt being refinanced.
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Rates notice for each property owned as per balance sheet.
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Copy of last statement for each Credit/Store Card unless being refinanced (then last 12 months required). |
| Loan Term |
Maximum loan term 30 years. |
| Loan Size |
Minimum $50K.
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Maximum $1M (single security) subject to LMI Criteria. |
| 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 |
Loans can be split up to six splits. |
| Offset |
Not applicable. |
| Redraw Facility |
Not applicable. |
| LVR |
Owner Occupied & Construction Maximum LVR 80%.
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Residential Investment Maximum LVR 80%.
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Refinancing Maximum LVR 80%.
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For loans up to $500,000: Up to 80% for purchases and refinances. |
| 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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Monthly Account Keeping Fee $5 per month
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Variation Fee $250 + GST.
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Cheques written - $0.75 per cheque.
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ATM withdrawal and or EFTPOS (First 5 Free each month).
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ATM $1.50 EFTPOS $0.65 after 5 free transactions.
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All Deferred Establishment Fees:
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Year 1 or Year 2 minimum $1,500 or 0.25% (whichever is greater).
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Year 3 minimum $1,200 or 0.20% (whichever is greater).
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Year 4 minimum $900 or 0.15% (whichever is greater).
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(Calculated on the approved loan amount). Plus deferred LMI. |
| Enquire/Apply |
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| Other Low Doc 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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