Target Market
Borrowers who require ready access to their equity for wealth creation or lifestyle improvement opportunities. Can be in a Company Name.
Acceptable Income
Applicant Types:
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PAYG Income Earners
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Self Employed (must be 2 years selfemployed)
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Retirees evidence of ongoing capacity to repay after retirement is mandatory.
Home Loan Loan Term
Reviewed every 5 years.
Home Loan Loan Size
Minimum $50K
,
Maximum $2M ($750K for Non-Residents)
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Home Loan Repayment Type
Interest Only.
Repayment Options
No repayments required until balance reaches 90% of approved loan limit.
Extra Repayments
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Split Loan Facility
Yes, fees apply.
Offset
Not available.
Redraw Facility
Yes, Can be made via: Bpay, Personal Cheque, Telephone and internet banking (Company and trust borrowers do not have acesss to telephone or internet banking)
LVR for Line of Credit Home Loan - ING DIRECT - Action Equity Loan
LVR without Mortgage Insurance up to 80%
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LVR with Mortgage Insurance Maximum up to 90%
,
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Reduced Equity Fee (REF):
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LVR with REF Maximum up to 90% (including capitalised REF premium).
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REF is available as an alternative to LMI to borrowers that meet more stringent credit criteria and are borrowing >80% of the property value. It is generally cheaper than LMI and is available on all Full Doc products.
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Fees for Line of Credit Home Loan - ING DIRECT - Action Equity Loan
Establishment Fess - Nil
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Account keeping fee - Nil
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Additional Splits - $100
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Additional Valuation fees commence at $200 for a standard valuation which are paid upfront, refer to Postcode Valuation Costs in the INGD Loan Applications folder.
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A legal fee of $220 minimum applies and is charged directly by the solicitor (displayed as Mortgage Preparation). Additional fees may be payable, for further information please consult your local INGD BDM or refer to ING DIRECT’s Pre-Settlement Fees & Charges brochure.
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A $250 fee is charged if you make changes to the ING DIRECT’s letter of offer between date of issue and settlement.
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Increase/Decrease - $100
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10 free transactions per month
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Deferred Establishment Fee:
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1 Year $1400
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2 Year $1050
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3 Year $700
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4 Year $350
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Split Fee $100
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Portability Fee $250
