‘Adelaide Bank’ Articles at Sydney Mortgage Brokers MortgageCorp

admin — Thu, 01 Oct 2009 00:57:30 +0000

As part of the SmartSuite product range, SmartDoc provides a low doc option for self-employed, and in some cases, PAYG
borrowers. SmartDoc loans are available for a wide range of purposes and do not require proof of income. By completing an
income declaration, borrowers can access a fully-featured home loan with all the benefits of a transactional 100% offset
account and none of the usual hassles associated with providing pay slips and tax returns.

Principal & Interest
This repayment option offers principal and
interest repayments for the full term of
the loan.
Interest Only
Ideal for investors, this option allows you
to have up to 10 years interest only
repayments before principal and interest
repayments are required.

Loan purpose

Use a SmartDoc Home Loan for:
• purchase or refinance of an owner occupied or investment property
• debt consolidation
• home equity loan for investment or personal purposes
• Go-Between bridging finance
Application restrictions • no construction
• no land as security
• no company applicants
• no trust applicants
• no overseas applicants
• no non-permanent Australian resident applicants
• no second mortgages
• maximum of 3 securities
• no defaults
• category 1 and 2 locations (refer to brokers.adelaidebank.com.au for location listings)
• no inner city apartments
• no self employed less than 2 years
Interest rate • variable rate (SmartDoc) with 100% offset
• fixed rates for 3 or 5 years (SmartDoc) with 100% offset
Deposit interest is not paid if the net balance is positive (that is if the offset balance
exceeds the amount owned).
Application/settlement fee • standard application fee $595
• settlement fee $100
• funds disbursement fee $15
• additional fees are payable if you have more than one security property, require the
support of a guarantor or are taking a Go-Between bridging finance option.
*All LVRs are subject to LMI criteria.
Administration fee $10 per month
Minimum loan amount $10,000
Maximum loan amount $2 million, subject to LMI
Loan term • minimum 5 years
• maximum 30 years
Statements issued Monthly, on the last day of the month
Interest calculated Interest is calculated daily on the net closing balance of the loan (that is the amount owed
less the offset balance) and is charged monthly.
Loan to valuation ratio • up to 80% plus capitalised LMI
Repayment frequency • weekly, fortnightly or monthly repayments (principal and interest)
• monthly repayments (interest only)
• payments automatically debit from the offset balance
Voluntary repayments • variable rate – extra repayments may be made at any time without penalty
• funds can be transferred from the offset balance to the loan portion via Online Banking
or phone banking
• no maximum deposit to offset portion
• fixed rate – up to $20,000 p.a. above normal repayments may be made without penalty
Split loans Available. Split your loan into more than one portion.
Additional $100 loan application fee applies per split.
Redraw Available. Free online/phone banking redraws. Manual redraw requests – $50.
Minimum redraw amount $500.
Credit increases Available. $175 credit increase fee and $150 security handling fee applies.
Minimum credit increase amount $10,000.
Rate conversion • Convert from a SmartDoc variable rate to a SmartDoc fixed rate at any time. A loan
variation fee maybe payable.
• Convert to a SmartFit rate by providing proof of income. A loan variation fee
maybe payable.

Smart Doc Low Doc Home Loans – Adelaide Bank is a post from: Sydney Mortgage Brokers MortgageCorp

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