Five Star Assist
REGISTERED 1st MORTGAGE OVER RESIDENTIAL SECURITY
Five Star – Assist is a flexible loan product that allows you to restructure your debt position. It can be used for a variety of personal or investment purposes based on the qualifying criteria being met.
Rates from 8.49%* p.a. (comparison rate 8.73%** p.a.)
The listed rates apply to new loans only.
WHO WOULD IT BENEFIT?
This product is appropriate for borrowers who have encountered financial difficulties such as but not limited to defaults and bankruptcies. For a copy of a Key Facts Sheet for this product, please email info@vicgroup.com.au.
Summary: Unlimited defaults and arrears
Loan Size – Maximum: $3,000,000
Loan Size – Minimum: $30,000
LVR – Standard: up to 80%
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 | Any worthwhile purpose
Investment Loan Loading: +0.30%
Serviceability: Flexible assessment beyond traditional limitations – all forms of reasonable income taken into consideration
Credit History: All defaults outside Flexi
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 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
Construction Loading: +1.50%
Vacant Land Loading: +2.00% (includes 0.30% investment loading)
Progress Payments: Yes (case by case)
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: 1.25% – one off upfront fee
Construction Risk Fee: +0.30%
Progress Payment Fee: $100
Redraw Fee: Nil
Annual Membership Fee: Nil
Split Fee: $300 per split
- + Qualifying Features
-
Summary: Unlimited defaults and arrears
Loan Size – Maximum: $3,000,000
Loan Size – Minimum: $30,000
LVR – Standard: up to 80%
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 | Any worthwhile purpose
Investment Loan Loading: +0.30%
Serviceability: Flexible assessment beyond traditional limitations – all forms of reasonable income taken into consideration
Credit History: All defaults outside Flexi
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 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
Construction Loading: +1.50%
Vacant Land Loading: +2.00% (includes 0.30% investment loading)
Progress Payments: Yes (case by case)
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: 1.25% – one off upfront fee
Construction Risk Fee: +0.30%
Progress Payment Fee: $100
Redraw Fee: Nil
Annual Membership Fee: Nil
Split Fee: $300 per split