| Target clients: |
- Clients that are self-employed or full-time investors, for at least the last two years and are unable to provide extensive financial statements or taxation returns
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| Loan features: |
- Basic variable or fixed rate loan with direct credit and debit facilities
- No supporting documentation required for self-employed applicants
- Stated income and A&L statement required
- Co-borrowers may be PAYG and provide evidence of income
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| Loan purpose: |
- Loans considered for purchase, refinance or consolidation
- Investment or owner-occupied residential security property
- Loans can be regulated or non-regulated by UCCC
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| Loan term: |
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| Loan size: |
- $30,000 - $1,000,000
- A minimum of 85% of approved loan amount must be drawn down at settlement
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| Loan to value ratio: |
- 80% for loans up to $1,000,000 - metro areas of NSW, ACT, VIC and Qld
- 80% for loans up to $750,000 - metro areas of SA, WA, NT and Tas
- 80% for loans up to $600,000 - regional areas of Australia
There is an option for IWF to pay LMI premium for loans up to $1,000,000. Refer
to LoDoc Program Fact Sheet |
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| Interest rate: |
- Variable or fixed rates (up to 5 years) available
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| Repayment options: |
- Principal and Interest
- Interest-Only
- I/O for 10 years then amortisation program commences
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| Repayment methods: |
- Direct debit from bank account
- Direct Salary and Other Income Credits
- BPay
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| Repayment frequency: |
- Weekly, fortnightly, twice monthly or monthly
- Day and date can be nominated
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| Additional repayments: |
- Can be made at any time using the above methods - except when fixed
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| Redraw: |
- No minimum redraw amount
- Funds paid into bank account
- Optional direct debit
- StarNet (Internet)
- StarCall (telephone)
- Credit card sweep
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| Loan account fees: |
- No monthly account maintenance or ongoing fees
- No withdrawal/redraw fees
- 6 free non-standard transactions p/m
- No portability or top-up fees
- No Internet or telephone banking fees
- Early repayment fee - if loan facility (or loan split) repaid in full and closed < 5 years
- Fixed rate break costs
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| Program conversion or
rate reduction: |
- Interstar will consider a reduction of the interest rate when all borrowers provide current financial information and tax returns that comply with Interstar's lending criteria
- Loans greater than two years old, that have an unblemished repayment history, will have their interest rate reduced by 0.20%
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The detail shown above is a summary of MMG's full product and program criteria
This information is subject to change by MMG at its sole discretion and no responsibility is assumed by MMG or its employees to any other person for any loss or damage (whether caused by negligence or not) from the use of the information and advice contained herein.
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