Five Star Flexi - Victorian Mortgage Group

Five Star Flexi

5star

REGISTERED 1st MORTGAGE OVER RESIDENTIAL SECURITY

Five Star – Flexi is a near prime product with a flexible lending solution that is often attractive to individuals and/or small business owners. It can be used for a variety of purposes including property purchase (principal place of residence or investment), home improvements, construction of a new house, refinance, debt consolidation and more.

Rates from 4.14% p.a. (comparison rate 4.23%* p.a.)

The listed rates apply to new loans only.

WHO WOULD IT BENEFIT?

This is our most popular product 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 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: Arrears and minor non-financial defaults

Loan Size – Maximum: $2,000,000

Loan Size – Minimum: $30,000

LVR – Standard: Up to 80%

Country Loan: 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

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

Credit History: Defaults under $2k

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: 0.70% – 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: Arrears and minor non-financial defaults

Loan Size – Maximum: $2,000,000

Loan Size – Minimum: $30,000

LVR – Standard: Up to 80%

Country Loan: 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

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

Credit History: Defaults under $2k

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: 0.70% – 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

*Comparison Rate is based on a $500,000 loan over a 30 year loan term