Portfolio Loan Variable Loan Portfolio Loan - Variable Loan (Owner Occupied)
5.78%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 ["Line of Credit", "Equity", "Owner Occupied", "Vacant Land"], in ["NSW", "NT", "QLD", "SA", "WA", "VIC", "TAS", "ACT"].
- 1 - 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 repaments Monthly.
- Interest Only Option
- Max Interest Only
- 5 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.
- Ongoing Monthly
Fees associated with prematurely ending the loan.
- Early Repayment
- Switch To Fixed
Portfolio Loan is a secured line of credit facility where one overall credit limit may be divided between up to ten (separate) sub-accounts. Sub-accounts can be set up for different loan purposes as required by the customer. Eg. Owner-occupier, investment or personal. Target Market: - People who want to own their own home sooner. - People who have greater than 10% equity in their property/s. - People who have a number of different borrowing and lifestyle requirements. Key Benefits: - Customers can own their own home sooner. - Assists with wealth creation. Not available for: - Introductory / promotional rates (unless specifically stated). - Rural land security. - Interest In Advance repayment type. - Bank of Melbourne building loans - Owner Builder loans Repayment Type and Loan Term: The minimum repayment required is interest plus fees and charges accrued during the month. Capitalisation is not allowed the Primary sub-account but is available on other subaccounts (both regulated and un-regulated). There is no term, however the bank reserves the right to conduct annual reviews. The account balance is payable on demand (except if the sub-account is fixed, then the balance is payable when in default).
LMI Required above 80% LVR (Applications may be referred for LMI up to a maximum total borrowings of $2,5M). Max borrowing for Non LMI Deals for a single security worth $2m or over: Up to $2m - Max Base LVR 80%, >$2m up to $2,285,000 - Max borrowing $1.6m (A sliding LVR scale between 70% and 80% has been implemented by limiting max borrowings to $1.6m for securities between $2m and $2.285m), >$2,285,000 - Max Base LVR 70% Conditions apply for new customers. These include, but are not limited to; - Maximum loan amount of $750K - No Auto Decline overrides will be considered - Genuine savings policy applies, with the exception of Inheritance and Sale of non-real estate assets which are capped at 90% LVR
5% Genuine savings needs to be verified on mortgage insured loans where the LVR exceeds 85%..
Rate Lock Fee is the higher of 0.15% of the sub-account credit limit (to be at a fixed rate) or $500