Credit Power Pack 80%90% Credit Power Pack 80%-90% >$500K (Principal & Interest) (Owner Occupied)

  • 4.33%
    p.a Standard Variable
  • 4.36%
    p.a Comparison**
  • $1,070
    Upfront fees
  • $0
    Annual fees
  • 90%
    Max Lvr
  • $1,912
    Per Month*

About Better Mortgage Management

Better Mortgage Management was voted No.1 non bank lender for two years in a row by Mortgage Brokers, for 2013 and 2014. They pride themselves for thinking outside the box having over 40 different loan products and can assist where other lenders can't or won't assist including our unsurpassed range of loans for self-employed borrowers. BMM is one of Australia's fastest growing mortgage managers committed to providing the best possible home loan options suited to the individual. They base their operation on efficiency, technology and commitment to service with an extensive range of flexible and competitive financial products.

Standard Variable

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

Monthly repayment*
$1,912
rate per annum
4.33%

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
Yes

Availability

For ["Construction", "Owner Occupied", "Vacant Land"], in ["NSW", "NT", "QLD", "SA", "WA", "VIC", "TAS", "ACT"].

Term
0 - 30 years
Min
$200,000
Max
$499,999

Eligibility

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

Financials
Full Doc
Credit History
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
$50.0
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
No
Redraw Available
Yes
Credit Card
No
Internet Banking
Yes
Telephone Banking
Yes
BPay Option
No
Portability of Loan
Yes
Professional Pack
No
Check Account
No
Direct Salary Credit
Yes
Free Transactions
No
Minimum Redraw
Yes
Redraw Fee
No

Repayments

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

Interest Only Option
No
Max Interest Only
0 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
$1,070
Establishment
$545
Valuation
$275
Settlement
$250

Ongoing Fees

Monthly and annual fees and charges during the loan period.

Total
$0

Exit Fees

Fees associated with prematurely ending the loan.

Total
$395
Exit
$0
Early Repayment
$0
Switch To Fixed
$395

Notes

Credit Power Pack - Pro-pack style loan with no qualifying restrictions - Suited to fully verified borrowers including companies or trusts - Full featured loan - includes a direct card - Available for vacant land and construction purposes - Discount for loans $200K-$500K & >$500K (Variable loans only) - 'Combo' option with competitive fixed rates. Ask us for a deal - Extra payments on variable rate loans can be made at any time LVR/Loan Amount Metro: <80% - $2M 80-90% - $1M >90% - $750K Regional: <80% - $1M 80-90% - $750K >90% - $500K Country: <80% - $500K 80-90% - $500K >90% - N/A Repayments: P&I or IO IO 10-5 years >85% LVR IO Up to 10 years <85% LVR Fixed Option: All or part of the loan can be converted to a fixed rate loan at any time at no cost (subject to a 4 split/portion maximum) Personal - Max 5 years IO Investment - Max 10 years IO N.B. 0.10 Discount for 2 & 3 years fixed interest rate Cash Out: Loan purpose must be verified if LVR exceeds 80% or loan amount >$250K Portability: The security property can be substituted if required. A 'Deed of Set-Off is available' allowing up to 3 months for the substitution of the security property (details on request). Vacant Land or Construction: Loans available for vacant land or construction, no rate loading applies. Construction of multiple dwellings on one title are permitted (conditions apply). Maximum 90% LVR. FHOG can be advanced for vacant land settlement where construction loan approved. BMM’s serviceability calculator is for use only with products & purposes specified in the calculator. BMM’s product suites each have their own serviceability calculator, please contact BMM to obtain the most up-to-date calculator for the relevant product suite: info@bettermm.com.au

LVR Notes

Max Investment LVR 90% Including LMI capitalisation LMI required on loans >80% Borrower paid >80% LMI capitalisation available up to 95% (93% for refinances) Vacant Land and Construction Max LVR 90%

Notes

At least 5% genuine equity is required saved over a period of 3 months

Fee Notes

Establishment $545 includes one standard valuation to $275 Lender's legals borrower paid $300 construction processing fee (payable for new constructions only) Additional Valuations: $275 each, standard valuations only. Properties over $300K or in remote areas may incur additional fees Title Insurance Fee $105 - $350 for loans up to $2M ($55 each additional security) Loan processing fee $250 shown as settlement fee. Lock Rate Fee - fixed rate certai

*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