| Lender |
 |
St George Bank Home Loan |
|
| Product |
No Deposit Home Loan (LEF) |
Current
Interest Rate |
6.21% |
Current
Comparison Rate
Estimated |
6.39% |
| Amount Borrowing |
$150,000 |
| Home Loan Term |
30 years |
Monthly Repayment
Estimated |
$919.68 |
Total Payment
Estimated |
$336,270 |
| Establishment Fee |
$750.00 |
| Apply/Enquire |
 
|
| Suitable For |
The St.George No Deposit Home Loan is now an option for customers who do not meet traditional mortgage insurance savings requirements, but need a flexible home loan to purchase their own home; i.e. newly built or established.
,
Refinances not available on this product
,
Available for Construction Loans Variable Rate, House and Land Packages and Strata Units and Townhouses
,
A No Deposit Home Loan customer would be someone who has newly
,
graduated from university and is now in stable employment, or perhaps a younger borrower who has not yet had time to establish themselves and save a deposit
,
Who has sufficient income to afford to buy a more expensive house but has less than 5% deposit
,
Who has a good income but has lost assets in a divorce settlement.
,
Who have a deposit but who would prefer to use their own funds for purchases after they move into their new home, such as furniture, or renovations. |
| Acceptable Income |
PAYE employees. Approval to be obtained on an individual basis per application. Investors profile minimum net assets of $100K or at least 20% equity in their own home (minimum value $50K) and minimum income of $50K one borrower. |
| Home Loan Term |
30 Years |
| Home Loan Size |
Minimum $50K
,
Maximum Loan $750K
,
Maximum loan $750K. Capital and major regional centre - refer to No Deposit Home Loan Locator for remaining allowable security locations |
| Payment Type |
Principal & Interest for Owner Occupier
,
Fixed option is available upon the completion of the dwelling. |
| Payment Options |
Weekly Fortnightly Monthly allowed on Principal & Interest Loans. |
| Extra Repayments |
|
| Split Loan |
Yes available. |
| Offset |
Mortgage Offset Available. (100% offset (Mortgage Equaliser) only available on variable rate loans.) |
| Redraw Facility |
Available on variable rate Principal & Interest loans subject to the bank approval. No Minimum redraw amount subject to bank approval. |
| LVR |
Owner Occupied Maximum LVR 100%
,
Investment Maximum LVR N/A
,
Construction Maximum LVR 100%
,
Refinancing Maximum LVR N/A
,
Increase to an existing No Deposit Home Loan
,
Home Improvements by contract builders only 100%
,
No Genuine Savings is required |
| Home Loan Fees |
Establishment Fee $750 includes Legal, Valuation on one property and Admin Fee reduced savings account when nominated for the loan repayment.
,
Loan Extension Fee - LEF applicable on applications with LVR greater than 80%.
,
Early Termination Fee 1.5% in first 3 Years
,
No minimum redraw amount
,
Redraw Fee Electronic $10
,
Manual Redraw Fee $50
,
Increase Fee $500
,
Rate Lock Fee 0.15% of the loan amount or $500 whichever is higher)
,
Consent to Subdivision $350
,
Substitution of Security $350
,
Renegotiation $500
,
Discharge of Mortgage Fee $500
,
Discharge Settlement Processing Fee $100
,
Progress Payment Administration Fee $250
,
Progress Payment Final Inspection Fee $102.50
,
Arrears Letter Fee $50
,
Settlement/Lodgment Fee:$ 100 per loan (Fee displayed as Mortgage Preparation). |
| Apply/Enquire |
|