Alternate Option Alternate Option LVR >85% up to 90%

  • 7.29%
    p.a Standard Variable
  • 7.38%
    p.a Comparison**
  • $1,430
    Upfront fees
  • $180
    Annual fees
  • 90%
    Max Lvr
  • $2,554
    Per Month*

About Australian First Mortgage

Established in 2003, AFM is an award winning non-bank mortgage manager. An Australian owned business who offer competitive residential, commercial and leasing finance. AFM is funded by a select group of Australian banks and wholesale lending institutions including Bendigo and Adelaide Bank, NAB’s Advantedge Financial Services, Resimac, ING Bank and Pepper Home Loans. The company manage funds in excess of $2 billion. AFM employs and runs a dedicated team of Business Development and State Sales Managers to support, facilitate and train its accredited mortgage brokers. It also employs a national team of Credit Managers, with, in some instances, combined delegated lending authorities of up to $2 million.

Standard Variable

Repayments calculated to take into account ongoing monthly and anual fees.

Monthly repayment*
$2,554
rate per annum
7.29%

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.

Lvr
90%
Capitalise LMI
No

Availability

For ["Equity", "Investment", "Owner Occupied"], in ["NSW", "NT", "QLD", "SA", "WA", "VIC", "TAS", "ACT"].

Term
10 - 40 years
Min
$50,000
Max
$750,000

Eligibility

The level of financial documentaion and credit history required to apply for the loan.

Financials
Full Doc
Credit History
Non Conforming
Genuine Saving
Required

Redraw Facility

Get quick access to cash by drawing on the loan to pay for renovations or other purchases.

Redraw Facility
Yes
Min Redraw
$0
Redraw fee
$0

Banking Features

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
Yes
Redraw Available
Yes
Credit Card
No
Internet Banking
Yes
Telephone Banking
Yes
BPay Option
No
Portability of Loan
No
Professional Pack
No
Check Account
No
Direct Salary Credit
No
Free Transactions
No
Minimum Redraw
No
Redraw Fee
No

Repayments

You can make your repaments Fortnightly, Monthly, and Weekly.

Interest Only Option
Yes
Max Interest Only
5 years

Upfront Fees

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.

Total
$1,430
Application
$990
Legal/Solicitor
$440

Ongoing Fees

Monthly and annual fees and charges during the loan period.

Total
$180
Ongoing Monthly
$15

Exit Fees

Fees associated with prematurely ending the loan.

Total
$250
Exit
$250
Early Repayment
$0
Switch To Fixed
$0

Notes

The Alternate Option is a Full Documentation loan that will suit a broad range of applicants which considers each borrowers unique circumstances. Special Features No LMI required – Credit Risk Fee payable. Any number of defaults or judgements registered over 1 year prior to application, paid or unpaid, and 1 month’s current mortgage arrears providing no missed payment in the last 3 months is considered. No limited on the number of debts that can be consolidated. Available for refinance, including Non-conforming, Private and Solicitor loans. Acceptable Applicants Private Individuals, Companies, Trusts (Maximum 4 Borrowers). Acceptable Securities Residential securities in major cities and towns up to maximum land size of 25 Acres (10 Hectares) Security titles considered are Torrens, Old System, Community, Crown lease. Maximum two securities per development Restriction on units within high density post codes apply, Unit blocks cannot comprise of more than 35 units when located within a high density postcode (Speak with your BDM for more details). Unacceptable Securities Construction loans, Commercial properties, Relocatable and mobile homes, services apartments, Studio apartments, Resort complexes, retirement villages, bedsits, Heritage listed buildings, Vacant land. Acceptable Loan Purpose Purchase or refinance of owner occupied and investment properties. Finance available for a variety of purposes including payment of ATO debts and purchase of business equipment. Cash out for business and/or personal purposes. Notes 6 Months mortgage statements are required on any owner occupied debt (regardless of refinance or not). 6 Months mortgage statements are required on any investment loan being refinanced. The loan amount inclusive of fees cannot exceed 95%. Monthly fee of $15.00 is applicable.

LVR Notes

Maximum LVR 95% for purchases only. 85% for all other purposes. No LMI required – Mortgage Risk Fee: Up to 65%: 0.00% >65% to 70%: 0.50% >70% to 75%: 0.75% >75% to 80%: 1.25% >80%: 1.50% $2,500,000 (Up to 65% LVR) $2,000,000 (Up to 70% LVR) $1,750,000 (Up to 75% LVR) $1,250,000 (Up to 80% LVR) $750,000 (Up to 90% LVR) $650,000 (Up to 95% LVR)

Fee Notes

Quoted Application Fee of $990.00 Includes 1 Std Valuation of up to $1m, residential zoned and Metro location only. Applicants to pay Legal Fees and Title Protection Fee, Quoted Legal fee includes legal disbursement fee and fee will vary depending on solicitor. Speak with your BDM for more information. Additional Valuation Fee $275 Per property, subject to property location & value. Title Protection Fee: $400 per loan

*Monthly Repayments

Monthly repayments are calculated to take into account the loan amount, repayment term and ongoing fees and charges over the life of the loan.

  • Variable rate loans show the monthly repayments at the current rate.
  • Fixed rate loans show the monthly repayment during the fixed period only.
  • Monthly repayment calculations are an approximate guide only. Speak to a LoanMarket Mortgage broker to understand the exact cost of a loan given your particular circumstances.

**Comparison Rates

A comparison rate is a tool to help consumers identify the true cost of a loan. It factors in the interest rate, loan amount, repayment term and ongoing fees and charges and displays this as a single percentage rate that can be used to compare various loans from different lenders.

Monthly Repayment and Comparison Rate* calculations do not include:

  • The use of account features such as early repayments and offset accounts which vary widely among loans and can reduce the cost of a loan significantly.
  • Cost savings such as fee waivers or special rate discounts.
  • Fees and charges associated with loan options or events that may or may not be used by the borrower, such as early repayment or redraw fees
  • Lenders Mortgage Insurance (LMI) which may be required to secure the loan and can increase the cost of the loan.
  • Government charges such as stamp duty or mortgage registration fees.
  • Fees and charges which aren’t available at the time the comparison rate is provided