PMP Line of Credit Home Loan
PMP's Evolution Line of Credit won Non Bank Line of Credit of the Year in 2009 by Your Mortgage Magazine. Voted as the best line of credit from a Non Bank lender.
An excellent product for disciplined borrowers or those borrowers that want easy access to their available funds.-
Key Features |
- Discounted Standard Variable Home Loan
- Line of Credit Split Available at same rate
- Dynamic Repayment Available
- Transfers between Loan Splits
- Inward Direct Credits and Debits
- Deposit Book
- Inward BPay
- Salary Crediting
- Access to Westpac Branches
- 24x7 Internet and Phone Banking
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Target Markets |
- are currently employed and are subject to PAYG taxation or have been self-employed or have been full-time investors for at least the past two years
- First Home Owners
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Features |
ACCEPTABLE LOAN PURPOSE |
- Loans considered for purchase, refinance or consolidation
- Investment or owner-occupied residential security property
- Loans can be regulated or non-regulated by UCCC
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ELIGIBLE BORROWERS |
Individuals (PAYG or self employed), Companies, Partnerships or Trusts |
TERM OF LOAN |
Min 15 years (25 years for Line of Credit)
Up to 30 years |
INTEREST RATE |
- Variable Rate
- Fixed Rate (After 12 months at funders discretion) 1- 5 years
- Discount is available to the borrower for the life of the loan
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INTEREST OPTIONS |
- Principal and Interest
- Interest Only
- I/O for up to 10 years (15 years for line of credit)
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SECURITY LOCATION |
- Properties must be located in Australian cities or major regional centres as per relevant insurer
- Acceptable Location Listing.
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ACCEPTABLE SECURITY |
- Properties must be of a residential nature and zoned accordingly.
- No more than one residence on title
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SUBSTITUTION |
Yes |
MULTIPLE SECURITIES |
Yes |
MIN LOAN AMOUNT |
$250,000 |
MAX LOAN AMOUNT |
$1,000,000 |
LOAN SPLITS |
Up to 4 splits |
MAXIMUM LVR |
90% including LMI capitalisation |
Fees and Charges |
APPLICATION FEE |
$330 |
VALUATION FEE |
$236 (or at cost if higher) |
NON PROCEEDING FEE |
- $195 is payable where a credit approval is
obtained subject to valuation but the loan does not proceed for whatever reason
- $295 or full cost of valuations (whichever is the higher) is payable where valuation is obtained and the loan does not proceed as a result of a shortfall in valuation or other credit issues.
- $495 is payable where credit approval is obtained and a satisfactory valuation is returned but for whatever reason the loan does not proceed. |
ANNUAL FEE |
$345 |
LMI |
Funder pays ≤ $500,000 & ≤ 80% LVR
(where the loan is insured with Genworth Financial)
Borrower pays > $500,000 &/or > 80% LVR |
SOLICITORS FEE |
$350 |
VARIATION FEE |
$400 |
DISCHARGE FEE |
$300 per security discharged |
| SETTLEMENT FEE |
$275 |
REDRAW FEE (manual) |
$26 |
DEFERRED ESTABLISHMENT FEE |
RSM |
Year 1 |
1.2% |
Year 2 |
1.2% |
Year 3 |
1.2% |
Year 4 |
0.95% |
Year 5 |
0.70% |
Other Conditions |
- Borrowers must demonstrate genuine savings of at least 3% of the proposed purchase price, held or accumulated over a minimum period of 6 months
- A direct debit request form must be completed with every application for payment of the annual fee from year 2 onwards (first payment due at settlement).
- Minimum Split of $10,000
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