Five Star Alt Doc Home Loan
REGISTERED 1st MORTGAGE OVER RESIDENTIAL SECURITY
Five Star – Alt Doc is a near-prime product offering flexible lending solutions for self-employed borrowers. It can be used for a variety of personal or investment purposes based on the qualifying criteria being met.
Rates from 8.34%* p.a. (comparison rate 8.61%** p.a.)
The listed rates apply to new loans only.
FLEXIBLE LOAN SOLUTIONS FOR SELF-EMPLOYED BORROWERS
The Five Star – Alt Doc solution suits borrowers who are individuals, self-employed or small business owners.
Mortgage lenders verify incomes before approving loans. Many individuals who own a business or are self-employed won’t have the required documentation.
With the Five Star – Alt Doc loan, VMG will accept other proof of ability to repay to secure an appropriate loan.
For a copy of a Key Facts Sheet for this product, please email info@vicgroup.com.au.
REQUIRED SUPPORTING DOCUMENTS
Summary: Minimum 12 months ABN and GST Registered | Limited defaults (No mortgage arrears)
Loan Size – Maximum: $2,000,000
Loan Size – Minimum: $30,000
LVR – Standard: Up to 65% (inclusive of fees) for loans up to $2,000,000 | Up to 80% (inclusive of fees) for loans up to $1,500,000
Metro & Major Regional Loans: up to 80%
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 | No Construction or Vacant Land
Investment Loan Loading: +0.30%
Serviceability: Qualifying criteria to be met
Credit History: Up to $2,000 paid non-financial defaults accepted | No mortgage arrears last 6 months | Discharged from bankruptcy NOT ACCEPTED
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 3 years (not applicable for PPR)
Interest Only Loading: +0.15%
Split Loans: Available
Fast Pay facility: Available
Multiple Securities: Yes
Discharge Fee: Regulated: $750, Non-reg: 3 months worth of interest charged in the first year, 2 months worth in the second year and 1 month interest for the third year and thereafter
Third Party Loans: No
Owner Builders: No
Loan Size > $1.0m>= $1.5m: +0.15%
Loan Size > $1.5m: +0.25%
Settlement Fee: Nil
Solicitors Fee: From $990
Valuation Fee: From $400
Establishment Fee: Nil
Risk Fee: 1% – one off upfront fee
Redraw Fee: Nil
Monthly Account Management Fee: Nil
Split Fee: $300 per split
- + Qualifying Features
-
Summary: Minimum 12 months ABN and GST Registered | Limited defaults (No mortgage arrears)
Loan Size – Maximum: $2,000,000
Loan Size – Minimum: $30,000
LVR – Standard: Up to 65% (inclusive of fees) for loans up to $2,000,000 | Up to 80% (inclusive of fees) for loans up to $1,500,000
Metro & Major Regional Loans: up to 80%
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 | No Construction or Vacant Land
Investment Loan Loading: +0.30%
Serviceability: Qualifying criteria to be met
Credit History: Up to $2,000 paid non-financial defaults accepted | No mortgage arrears last 6 months | Discharged from bankruptcy NOT ACCEPTED
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 3 years (not applicable for PPR)
Interest Only Loading: +0.15%
Split Loans: Available
Fast Pay facility: Available
Multiple Securities: Yes
Discharge Fee: Regulated: $750, Non-reg: 3 months worth of interest charged in the first year, 2 months worth in the second year and 1 month interest for the third year and thereafter
Third Party Loans: No
Owner Builders: No
Loan Size > $1.0m>= $1.5m: +0.15%
Loan Size > $1.5m: +0.25%
- + Fees & Charges
-
Settlement Fee: Nil
Solicitors Fee: From $990
Valuation Fee: From $400
Establishment Fee: Nil
Risk Fee: 1% – one off upfront fee
Redraw Fee: Nil
Monthly Account Management Fee: Nil
Split Fee: $300 per split