Land Loan Land Loan (Principal & Interest) (Owner Occupied)
5.50%p.a Standard Variable
Repayments calculated to take into account ongoing monthly and anual fees.
- Monthly repayment*
- rate per annum
Loan to Value Ratio
Borrow up to the maxium of 90% of the value of the property.
Lenders Mortgage Insurance, or LMI, will be payable on most loans where the borrowings are greater than 80% of the value of the property.
However, you may be able to capitalise LMI into your loan, increasing the overall loan amount by about 2% (in order to cover the cost of the insurance). Contact a loan market broker to find out how LVR and LMI might impact the cost of your loan repayments.
- Capitalise LMI
For Equity, Owner Occupied, and Vacant Land in NSW, NT, QLD, SA, WA, VIC, TAS, and ACT.
- 10 - 30 years
The level of financial documentaion and credit history required to apply for the loan.
- Full Doc
- Credit History
- Genuine Saving
Save on interest repayments by holding spare cash in an offset account.
- Offset account
Get quick access to cash by drawing on the loan to pay for renovations or other purchases.
- Redraw Facility
- Min Redraw
- Redraw fee
Given the wide range of loans on offer – with different interest rates, product features and fees – it pays to shop around to find the loan that fits your needs and circumstances. Some loans offer features that may be appropriate for your situation and result in savings over the life of the loan.
Some features you may wish to consider include:
- an offset account;
- ability to make extra repayments;
- a redraw facility; and
- linked credit card and savings accounts;
- ability to split your loan between fixed and variable interest rates
- Offset Account
- Redraw Available
- Credit Card
- Internet Banking
- Telephone Banking
- BPay Option
- Portability of Loan
- Professional Pack
- Check Account
- Direct Salary Credit
- Free Transactions
- Minimum Redraw
- Redraw Fee
You can make your repayments Fortnightly, Monthly, and Weekly.
- Interest Only Option
- Max Interest Only
- 0 years
Upfront fess associated with estabilishing the loan. Other loan set-up fees, such as valuation fees and lender's mortgage insurance, and Government charges, such as registration fees and stamp duty on property transfer, have not been included. These will be determined after application.
Monthly and annual fees and charges during the loan period.
Fees associated with prematurely ending the loan.
- Early Repayment
- Switch To Fixed
Land Loans are available for customers who require funds to buy vacant land if they have plans to build a home sometime in the future. Construction loans are also available when the customer is ready to build on the land. Target Market Customers who require finance to assist with buying land to build a home on sometime in the future. Key Features - Flexible repayment frequency - No ongoing monthly account management fees - Unlimited additional repayments allowed Fee-free unlimited view only access to: - Internet banking - Mobile banking - BankPhone Restrictions: - Land size not to exceed 2.2 hectares (5 acres). - Must be zoned residential, rural residential or rural. - Property must have all weather road access and have electricity connected. - No cross collateralisation of securities, must be standalone security. - Not available for Low Doc Loans or debt consolidation. - Construction Loan may be added as an extra split to the Land Loan, once construction is ready to commence. - Repayments must be Monthly on Interest Only loans Refer to AMP Credit Policy for more information.
LMI required >80% LVR. 90% plus capitalised LMI - max LVR is not inclusive of LMI. Maximum LVR inclusive of LMI capitalisation is subject to AMP and Genworth's discretion. Existing customers purchasing an O/O property - 95% plus cap LMI P&I only.
For property purchases >85% LVR, borrowers must contribute a minimum of 5% of the purchase price saved / held over a minimum 3 month period fo the last 3 months. Acceptable forms of savings include: -Funds in bank accounts/term -Deposits -Shares -Equity in residential property -Sale proceeds from residential property -Deposit paid for the property more than 3 months ago For more information please contact your Business Development Manager.
Quoted exit fee includes Solicitors and Mortgage Processing Servicers Discharge Costs. Split Loan annual fee $75 per additional split (first 2 splits free). Guarantor Admin Fee of $200, LMI Processing Fees of $100 apply. - Establishment fee $350 - Settlement fee $250 - No Monthly Account Management fees - No Annual fee - Solicitors fee $295 Valuation fee is payable when the valuation costs are in excess of: Valuations <$1 million Metropolitan areas $220 Non-Metropolitan areas $330