Viridian Line of Credit Residential Equity Rate Viridian Line of Credit Residential Equity Rate
5.78%p.a Standard Variable
About Commonwealth Bank
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", "Investment", "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
- 30 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
CBA will no longer accept applications from non-CBA customers for stand-alone refinance for investor purpose lending. Below deal scenarios will continue to be assessed: - Any investment refinance for CBA customers - Any refinance that includes both investment and owner occupied purpose lending for both new to bank and CBA customers. OTHER PRODUCT INFO: Features & Benefits: - Access funds up to agreed limit (subject to daily card limits where applicable) via ATM, chequebook, EFTPOS, EFTPOB, by phone, MAestro/Cirrus, Netbank and at Commonwealth Bank branches. - Interest calculated daily, charged monthly as the customer benefits immediately from every repayment they make. - Portability - the line of credit can move with the customer (conditions and fees apply). - Switch to a Standard Variable Rate, Fixed Rate, or Base Variable Rate (Rate Saver) at any time - Statement frequency quarterly or on request (a fee applies for requested statements). Repayment Options: - There are no set principle requirements. However monthly payments are required to cover interest and any accrued charges. - Clients have the ability to make additional repayments at any time without incurring an Early Repayment Adjustment and Administrative Fee. PLEASE NOTE: Home Loan policy for loans to the value of $5 million or more: An Investment Home Loan and/or Line of Credit not available where: the (individual) loan value is $5m or more; and all borrowers are individuals; and the loan is for the purchase, improvements or refinance relating to more than one residential investment property. What brokers need to do Under the National Credit Code (NCC), these loans are considered unregulated and therefore must be written as a commercial loan by a commercially accredited Broker (i.e. Commonwealth Portfolio Loan). If broker is not accredited to write a commercial loan you must split the loan into separate loans such that each loan now has a loan value less than $5m or represents a single property.
LMI required above 80% LVR. The maximum LVR's for Lines of Credit is 90% - with LMI or 92% with LMI capitalised. The maximum LVRs for loans where the loan purpose is Personal Investment is 80% - with LMI or 82% capitalised for Low Doc only. The Maximum LVRs will also depend on the borrowers residency status and the currency used for servicing. LVR restrictions apply to company title applications. Refer to Eligible Borrowers matrix for details.
A minimum of 5% savings or equity must be verified for all new Home Loans where the base LVR is greater than 85% (including loans with a LVR of up to 95%).New borrowers are required to contribute a minimum 5% of the purchase price in the form of genuine savings (or equity). This will need to be verified for all new loan applications. Genuine savings can comprise of the following, and must be held for a minimum period of 3 months: A demonstrated savings pattern (regular/irregular deposits - varied amount/frequency); Gift (held in an account); Term Deposit; Cash (held in an account); Shares; Monetary Inheritance; Equity in an existing property. 5% savings held for less than 3 months may also be accepted (Conditions apply - Refer CBA policy). Savings (or equity) can also be considered in either of the following scenarios: If 5% held for less than 3 months but evidence of accelerated repayments; Bonus payments - in conjunction with a savings pattern. FHOGs, borrowed funds (ie. Personal Loans) and sale of assets (excluding property) are not acceptable types of savings or equity.
Establishment Fee for: Off the Plan applications is $800. Top Up or increase to an existing loan is $300. When there are two or more new home loans, investment home loans or LOCs applied for at the same time the Establishment Fee is $600 for each of the first two accounts, plus $300 for each additional account.