| Target clients: |
- Non-Residents purchasing investment property in Australia
- Individuals - salaried income earners only
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| Loan features: |
- Basic variable or fixed rate loan with direct credit and debit facilities
- Full supporting documentation and evidence of income is required for all applicant/s
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| Loan purpose: |
- Loans considered for purchase, refinance or consolidation
- Investment or owner-occupied residential security property
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| Loan term: |
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| Loan size: |
- $30,000 - $750,000
- 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 $500,000
- 75% for loans up to $500,001 to $750,000
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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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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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