Five Star Solve – Victorian Mortgage Group

Five Star Solve

5star

REGISTERED 1st MORTGAGE OVER RESIDENTIAL SECURITY

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

WHO WOULD IT BENEFIT?

This product is appropriate for borrowers who face challenges when trying to obtain finance through the major lenders. We understand that you may have been through difficult times and this product will help you to regain control of your finances.

Summary: Limited Defaults and Arrears

Loan Size – Maximum: $2,000,000

Loan Size – Minimum: $30,000

LVR – Standard: Up to 80%

Country Loans: Yes, but case by case basis

Zoning: Residential

Mortgage Insurance: Not Applicable

Borrowing Entities: Individuals, companies and trusts

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

Bench Mark Qualification: 2% above Effective Interest rate

Serviceability Test: Yes, net disposable income at 1.10 times or greater

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

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

Credit History: Up to 2 defaults under 10K (paid defaults under 2yrs and under 5K ignored).

Additional Repayments: Yes – no charge

Redraw: Yes

Repayments: Direct debit: weekly, fortnightly or monthly

Term: Max 30 years

P&l: Yes

Interest Only Period: Up to 5 years

Split Loans: Available

Fast Pay facility: Available

Multiple Securities: Yes

Third Party Loans: No

Construction: Yes

Vacant Land: Yes

Progress Payments: Yes (Case by case)

Owner Builders: No

Portability: Yes

Settlement Fee: Nil

Solicitors Fee: From $715 (TBA interstate)

Valuation Fee: From $400

Establishment Fee: 1.10%

Progress Payment Fee: $100

Redraw Fee: Nil

Monthly Account Management Fee: Nil

Annual Membership Fee: Nil

Split Fee: $300 per split

+ Qualifying Features

Summary: Limited Defaults and Arrears

Loan Size – Maximum: $2,000,000

Loan Size – Minimum: $30,000

LVR – Standard: Up to 80%

Country Loans: Yes, but case by case basis

Zoning: Residential

Mortgage Insurance: Not Applicable

Borrowing Entities: Individuals, companies and trusts

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

Bench Mark Qualification: 2% above Effective Interest rate

Serviceability Test: Yes, net disposable income at 1.10 times or greater

+ Loan Features

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

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

Credit History: Up to 2 defaults under 10K (paid defaults under 2yrs and under 5K ignored).

Additional Repayments: Yes – no charge

Redraw: Yes

Repayments: Direct debit: weekly, fortnightly or monthly

Term: Max 30 years

P&l: Yes

Interest Only Period: Up to 5 years

Split Loans: Available

Fast Pay facility: Available

Multiple Securities: Yes

Third Party Loans: No

Construction: Yes

Vacant Land: Yes

Progress Payments: Yes (Case by case)

Owner Builders: No

Portability: Yes

+ Fees & Charges

Settlement Fee: Nil

Solicitors Fee: From $715 (TBA interstate)

Valuation Fee: From $400

Establishment Fee: 1.10%

Progress Payment Fee: $100

Redraw Fee: Nil

Monthly Account Management Fee: Nil

Annual Membership Fee: Nil

Split Fee: $300 per split