Five Star Alt Doc Home Loan

5star

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 [email protected].

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

*Subject to a maximum LVR of 65%  **Comparison Rate is based on a $500,000 loan over a 30 year loan term