Five Star Flexi – Victorian Mortgage Group

Five Star Flexi

5star

REGISTERED 1st MORTGAGE OVER RESIDENTIAL SECURITY

Five Star Flexi is a flexible lending solution that is often attractive to Small Business Owners. It can be used for a variety of purposes including succession planning, debt consolidation, equity injections, business purchase, property purchase or improvement and more.

WHO WOULD IT BENEFIT?

This is our most popular product and suits borrowers who have been frustrated or misunderstood by major lenders, but who we have determined to be low risk. Our flexible assessment criteria allows us to take into account your individual situation and gives you an alternative avenue to obtain the funding solution you need.

Summary: Arrears and minor defaults

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: Up to 2 (non-financial) defaults if total < $1000

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: 0.55% – one off upfront fee

Progress Payment Fee: $100

Redraw Fee: Nil

Monthly Account Management Fee: Nil

Annual Membership Fee: Nil

+ Qualifying Features

Summary: Arrears and minor defaults

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: Up to 2 (non-financial) defaults if total < $1000

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: 0.55% – one off upfront fee

Progress Payment Fee: $100

Redraw Fee: Nil

Monthly Account Management Fee: Nil

Annual Membership Fee: Nil