Five Star Assist – Victorian Mortgage Group

Five Star Assist

5star

REGISTERED 1st MORTGAGE OVER RESIDENTIAL SECURITY

Five Star Assist is a flexible loan product that allows you to restructure your debt position and work towards building a brighter financial future. It can be used for a wide range of purposes depending on your needs.

WHO WOULD IT BENEFIT?

This product is appropriate for borrowers who face roadblocks when trying to obtain finance through major lenders. We understand that you may have been through some particularly trying circumstances and we can help you get back on track and in control of your finances.

Summary: Unlimited defaults and arrears

Loan Size – Maximum: $2,000,000

Loan Size – Minimum: $30,000

LVR – Standard: To 80% without LMI

LVR – Restrictions: <$2m max 80% LVR

Country Loans: Yes, but case by case

Zoning: Residential

Mortgage Insurance: Not Applicable

Borrowing Entities: Individuals, companies and trusts

Loans to Trusts: Yes, but must be in name of Trustees. Plus joint and several guarantees from active trust beneficiaries

Bench Mark Qualification: 2% above Effective Interest rate

Serviceability Test: Yes, net disposable income at 1.10 times

Purpose: Purchase/Refinance/Consolidation Personal or Investment Any worthwhile purpose

Serviceability: Flexible assessment beyond traditional limitations – all forms of income taken into consideration

Credit History: Varied will be considered No defined limit – case by case

Additional Repayments: Yes – no charge

Redraw: Yes

Repayments: Direct debit: weekly, fortnightly or monthly

Term: Max 30 years

P&l: Yes

Interest Only Period: Yes, for periods of 1, 3 or 5 years

Split Loans: Available

Fast Pay facility: Available

Multiple Securities: Yes

Third Party Loans: No

Construction: Yes (Case by case)

Vacant Land: Yes (Case by case)

Progress Payments: Case by case

Owner Builders: No

Portability: Yes

Settlement Fee: Nil

Solicitors Fee: $660 ($800 interstate)

Valuation Fee: As per panel scale rates

Establishment Fee: 1.30% – one off upfront fee

Progress Payment Fee: $100

Redraw Fee: Nil

Monthly Account Management Fee: Nil

Annual Membership Fee: Nil

+ Qualifying Features

Summary: Unlimited defaults and arrears

Loan Size – Maximum: $2,000,000

Loan Size – Minimum: $30,000

LVR – Standard: To 80% without LMI

LVR – Restrictions: <$2m max 80% LVR

Country Loans: Yes, but case by case

Zoning: Residential

Mortgage Insurance: Not Applicable

Borrowing Entities: Individuals, companies and trusts

Loans to Trusts: Yes, but must be in name of Trustees. Plus joint and several guarantees from active trust beneficiaries

Bench Mark Qualification: 2% above Effective Interest rate

Serviceability Test: Yes, net disposable income at 1.10 times

+ Loan Features

Purpose: Purchase/Refinance/Consolidation Personal or Investment Any worthwhile purpose

Serviceability: Flexible assessment beyond traditional limitations – all forms of income taken into consideration

Credit History: Varied will be considered No defined limit – case by case

Additional Repayments: Yes – no charge

Redraw: Yes

Repayments: Direct debit: weekly, fortnightly or monthly

Term: Max 30 years

P&l: Yes

Interest Only Period: Yes, for periods of 1, 3 or 5 years

Split Loans: Available

Fast Pay facility: Available

Multiple Securities: Yes

Third Party Loans: No

Construction: Yes (Case by case)

Vacant Land: Yes (Case by case)

Progress Payments: Case by case

Owner Builders: No

Portability: Yes

+ Fees & Charges

Settlement Fee: Nil

Solicitors Fee: $660 ($800 interstate)

Valuation Fee: As per panel scale rates

Establishment Fee: 1.30% – one off upfront fee

Progress Payment Fee: $100

Redraw Fee: Nil

Monthly Account Management Fee: Nil

Annual Membership Fee: Nil