Five Star Aspire
REGISTERED 1st MORTGAGE OVER RESIDENTIAL SECURITY
Five Star – Aspire provides a flexible lending solution that is attractive to small business owners. It can be used for a variety of business purposes including working capital or equity injections, business purchase, purchase of stock, buyout of a business partner, succession planning and more.
Rates from 4.64% p.a. (comparison rate 4.76%* p.a.)
The listed rates apply to new loans only.
WHO WOULD IT BENEFIT?
This is a popular product with our small business owners and suits borrowers who have been frustrated or misunderstood by major lenders, but who we have determined to be at the lower end of the risk scale. Our flexible assessment criteria allows us to take into account your business’ individual situation and gives you an alternate avenue to obtain the funding solution you need. For a copy of a Key Facts Sheet for this product, please email info@vicgroup.com.au.
Summary: Limited defaults and arrears
Loan Size – Maximum: $2,000,000
Loan Size – Minimum: $30,000
LVR – Standard: up to 80%
Country 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: Working capital and cash out for business purposes
Serviceability: Flexible assessment beyond traditional limitations – all forms of reasonable income taken into consideration
Credit History: Limited defaults and arrears
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
Interest Only Surcharge: 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
Construction: Yes
Vacant Land: Yes – land only rate to apply
Progress Payments: Yes(case by case)
Owner Builders: No
Portability: Yes
Settlement Fee: Nil
Solicitors Fee: From $880
Valuation Fee: From $400
Establishment Fee: 1% – one off upfront fee
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: 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: Working capital and cash out for business purposes
Serviceability: Flexible assessment beyond traditional limitations – all forms of reasonable income taken into consideration
Credit History: Limited defaults and arrears
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
Interest Only Surcharge: 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
Construction: Yes
Vacant Land: Yes – land only rate to apply
Progress Payments: Yes(case by case)
Owner Builders: No
Portability: Yes
- + Fees & Charges
-
Settlement Fee: Nil
Solicitors Fee: From $880
Valuation Fee: From $400
Establishment Fee: 1% – one off upfront fee
Progress Payment Fee: $100
Redraw Fee: Nil
Monthly Account Management Fee: Nil
Annual Membership Fee: Nil
Split Fee: $300 per split