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.
Home Loan Loan Term
Maximum: 1 Years.
Maximum Loan Term Preferred Maximum term is 9 months.
Home Loan Loan Size
Minimum: $10,000.
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Maximum: Unlimited.
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Home Loan 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
LVR for Bridging Home Loan - Suncorp - Bridging Loan
Owner Occupier Max LVR 80%.
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Investment Max LVR 80%.
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Construction Max LVR 80% - existing customers only
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Refinance Max 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 95.0%
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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.
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Fees for Bridging Home Loan - Suncorp - Bridging Loan
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
