Target Clients:   

·         PAYG, self-employed or full time investors. This includes family trusts, property holding and trading companies

·         Low documentation – must be self-employed for at least two years.

·         Full documentation – can be self-employed for one year if they have been employed in same industry for a period of time (e.g. contractors).

Loan Features:

·         Basic Variable or Fixed rate loan with direct credit facility

·         Required to draw down in full on settlement

Loan Purpose:

·         Any worthwhile purpose considered

·         Available for both owner occupied and investment purposes, i.e. regulated and unregulated purposes.

Loan Term:

·         Up to 30 years

Loan Size:

·         $50,000 - $500,000

Loan to Value Ratio:

·         Dependant on credit risk and individual case basis – Refer to Creative Mortgages representative for clarification

Interest Rate:      

·         Variable rates only – Interest rate varies according to credit risk – Refer to Creative Mortgages representative for clarification.

Repayment Options:          

·         Principal and Interest

·         Interest only

·         I/O for 5 years then amortisation program commences

Repayment Methods:

·         Direct Debit from bank account

·         B-Pay

Repayment Frequency:

·         Weekly, Fortnightly or Monthly

·         Day & Date can be nominated

Additional Repayments:

·         Can be made at any time using the above methods – except when fixed

Redraw:

·         No minimum redraw amount

·         Funds paid into bank account

·         Internet Access

·         Telephone Access

Loan Account Fees:

·         No monthly account maintenance or ongoing fees

·         No redraw fees

·         4 free non-standard transactions p/m

·         No Internet or telephone banking fees

Deferred Establishment Fee:

·         Deferred Establishment Fee is applied if a loan is repaid in full within the first three years and is calculated as follows:

Year 1 – 3.00%

Year 2 – 2.00%

Year 3 – 0.25%

·         *The above amounts are calculated based on the original loan amount