Introductory Fixed Rate Home Loan Product Specification

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1 Introductory Fixed Rate Home Loan Product Specification For further information Mortgage Central This product specification is the property of St.George Bank. It is for the use of St.George Bank employees, contractors and accredited brokers only. It is not to be distributed to customers.

2 Product description An introductory fixed interest rate loan has a lower than normal rate that is fixed for a one year period which begins from the date of the first advance. When sold as part of the Advantage Package, the interest rate converts to the Advantage Package discounted interest rate at the end of the fixed rate period. When the loan type is eligible for an Advantage Package, a customer requesting an Introductory Fixed Rate Loan must take that loan as part of the Advantage Package. The interest rate for new loans is fixed from settlement of the loan and does not change for the duration of the fixed rate period. Customers applying for this product on new loans may lock in the prevailing fixed rate at the time of application by paying the appropriate fee. This fee ensures that the rate will not rise above the locked rate for a period of 90 days from the date the customer requests rate lock. Key benefits / target market This product will appeal to customers who want a lower rate fixed for the initial period of their loan and safeguard against potential interest rate rises. Key Benefits: Principal reductions may be made up to an allowable limit (before break costs apply) Partial Interest Offset facility available Availability Introductory Fixed Rate loans are available to new borrowers ONLY. Existing St.George loans cannot be refinanced into this product, and switching into this product is not permitted. The Introductory Fixed Rate loan is AVAILABLE for: Owner Occupiers Investors Further loans (another sequence loan) Flexible Choice New loans Interest based repayment type Vacant land Relocation loans (end debt portion only) Interest in Advance (the 0.20% interest in advance discount does not apply) The Introductory Fixed Rate loan is NOT AVAILABLE for: Existing loans Portfolio loan Extended Settlement loan Building loans Loan amount increase to current sequence/s When the loan type is eligible for an Advantage Package, a customer requesting an Introductory Fixed Rate Loan must take that loan as part of the Advantage Package. Switches An existing loan cannot be switched to the Introductory Fixed Rate product. Splitting An Introductory Fixed Rate can form a sequence of a new Flexible Choice loan. Further Loan and increasing loan amount The Introductory Fixed Rate product may be selected as a Further Loan (a new sequence loan). A Further Loan is an additional loan under the same security and borrower/s and where a new loan is created as an additional sequence. The loan amount of a current Introductory Fixed Rate loan sequence cannot be increased. Refinances from other financial institutions A full valuation is required, regardless of LVR; (refer to current policy requirements) LVR cannot exceed 90% Loan statements must be obtained from the current lender to verify the loan repayment history during the previous twelve (12) month period Loan amount Minimum - $50,000 Maximum - $1,000,000* *Any request for loans in excess of $1,000,000 must be referred to Mortgage Central before proceeding. Page 2 of 6

3 Interest rate Refer to the interest rates and fees section of the website. Loan term Principal & Interest - Must be greater than 4 years with a maximum of 30 years. Interest Based Term Maximum of 15 years (the loan term must be greater than 4 years with a maximum period of 30 years). At the end of the interest based term the repayments automatically change to Principal and Interest for the remainder of the loan contract term, which must be for a minimum of 12 months. Repayment type Principal & Interest Interest Based Interest in Advance Principal & Interest Repayments are calculated at the interest rate charged to the loan using the loan balance + prepayments. This figure is rounded to the next whole dollar. The monthly administration fee is then added. The minimum repayment frequency required is monthly. Customers may ask us to pay weekly or fortnightly. Fortnightly repayments are one half of the minimum monthly repayment. Weekly repayments are one quarter of the minimum monthly repayment. Weekly and fortnightly frequency repayments must be in whole dollars. If necessary these repayments are rounded up to the nearest dollar. Interest Based Repayments are calculated at the interest rate charged to the loan using the loan balance at the time of calculation multiplied by the interest rate divided by 12. The monthly administration fee is then added. This final figure is NOT rounded up to whole dollars. Monthly repayment frequencies ONLY are allowed when paying interest-based repayments, ie the customer cannot ask us to pay weekly or fortnightly. Interest in Advance Borrowers with Investment (non regulated), fixed interest rate, interest based repayment type loans can request to pay interest in advance. One payment to cover the interest for the period nominated + Interest in Advance fee (if applicable). At the end of the Interest in Advance period loan reverts to the original contract terms and conditions. Repayments will be interest based and monthly repayment will be due on the first payment due date following the end of the Interest in Advance period. Repayment due date The first repayment is due one month after the settlement date, unless that date is the 29th, 30th or 31st of the month, then the first repayment is due on the 28th of the next month. All subsequent repayments are due on the same day as the first repayment in each following month. For customers nominating weekly or fortnightly repayments, these payments will commence as follows: Weekly - on the first nominated day following monthly payment due date; Fortnightly - on the second nominated day following the monthly payment due date. FOR EXAMPLE - The monthly repayment is due on the 24th, and the customer has nominated Tuesday as the repayment day. If weekly repayments were nominated, the first weekly repayment would come out of the transaction account on the first Tuesday after the 24th of the month following the input of the frequency; if fortnightly repayments were nominated, the first fortnightly repayment would come out of the transaction account on the second Tuesday after the 24th of the month. Customers may nominate any week day (Monday to Friday) for weekly or fortnightly repayment frequencies. Monthly repayment ONLY are allowed when paying interest based repayments. Repayment method The monthly repayment is the minimum amount a borrower is required to pay each month under the loan contract. All borrowers should be encouraged to open a St.George transaction account from which loan repayments can be deducted. Automatic Transfer Automatic transfer from a St.George transaction account is the repayment method preferred by the St.George Bank (also referred to as Bank ). Nominated transaction Page 3 of 6

4 accounts will be free of some transaction fees and reduced account keeping fees if a loan repayment is made by this method at least once per month. May not apply to all transaction accounts. Refer to Bank Accounts Fees and Charges and how to minimise them for exceptions. This method is the only method permitted when the loan is part of an Advantage Package. Direct Debit (Outward Direct Entry) Payments can be made via an automatic transfer (set up by St.George) from a transaction account at another financial institution. Direct Credit (Inward Direct Entry) A payment via Direct Credit to the loan initiated from another financial institution can be accepted. Branch Payment/Internet/Phone Banking Manual payments to the loan via these methods are also available. (Processing fee may apply). Repayment Pause The Repayment Pause option is available on this product. Please refer to the Repayment Pause product specifications for more details. Principal reduction Borrowers with an Introductory Fixed Rate loan may make additional payments of up to $10,000 per 12 month period during the fixed rate period without incurring break costs. These additional payments may not be set up to be automatically deducted from a St.George transaction account. Additional payments may be made over the counter at any St.George branch or via Internet or Phone Banking. (Processing fee may apply). Break costs may be charged if customers repay any amount over $10,000 early in any 12 month period. Refer to Break costs clause in Residential Loan Agreement General Terms and Conditions. Redraws New home loan applications and loans switched to a fixed rate from Monday 30 November 2009 Redraws are available during the fixed rate period to a maximum of $10,000 p.a. or the amount of additional funds paid in within that 12 month period (whichever is the lessor). All other fixed rate loans Not available during the Fixed Rate period. Borrowers may redraw payments made in advance once the loan is at the variable rate, subject to the Bank s approval. There is no minimum redraw amount and a redraw fee applies to each approved request. Redraw requests on loans that have an expired status must be referred to the Mortgage Central. Reviews Not applicable. Serviceability Loan to Valuation Ratio For existing customers the maximum LVR for owner occupiers and investors is 95%. For new customers to the Bank (those applicants who have not been a customer for at least 6 months) the maximum LVR for owner occupiers and investors is 90%. For refinances from other financial institutions, the LVR cannot exceed 90%. These LVRs can be increased by the amount of the LMI premium to a maximum of 2% above the maximum LVR for that customer. Valuation The Family Pledge option is available on this loan type. Refer to the Family Pledge Product Specifications for further details. Security Lenders Mortgage Insurance LMI must be obtained in accordance with the Bank s current criteria. Lender s Mortgage Insurance, if applicable, is automatically deducted from the loan advance amount at settlement. Page 4 of 6

5 Fees Reference: Refer to the interest rates and fees section of the website for current fees and charges. Establishment fee The fee includes the Bank legal fees for one new security property and any number of existing securities and one standard valuation for the primary security property only, regardless of whether a valuation on that property is required or not. There is no establishment fee payable if the loan is taken as part of the Advantage Home Loan Package. Additional security fees and valuers Travelling Allowance (if applicable) must be collected for each additional security property. Rate Lock fee This fee is payable if the customer wishes to lock in the prevailing fixed rate for a maximum period of 90 days from the day the customer requests rate lock. This ensures that the rate will not increase above the locked rate but can decrease within the 90-day rate lock period. Settlement Processing fee This fee is automatically deducted from the loan at settlement. Administration Fee Charged monthly and payable with the loan repayment. There is no administration fee payable if the loan is taken as part of the Advantage Home Loan Package. Switch Fees Loans created from 12 November 2007 as part of an Advantage package: Unlimited free switch fees Will convert to the Advantage Package discounted interest rate at the end of the introductory fixed rate period and a conversion fee of $500 will be charged to the loan Non Packaged loans created from 11 November 2007: When converting the loan, within 3 years of the settlement date to: A Basic Home Loan, Negotiated Fixed or Variable Rate Home Loan or Portfolio Loan on which at least one sub-account has a negotiated variable or fixed rate = $500 + break costs (if applicable) Any other circumstance (refer to Loan Accounts charges for specific services and accounts for current fees and charges) Loans created from 22 December 2006 until 11 November 2007; Refer to the Loan Accounts - Charges for Specific Services and Accounts brochure. Loans created from 16 March 2003 to 21 December 2006 Refer to the Loan Accounts - Charges for Specific Services and Accounts brochure. Loans created before 16 March 2003 Refer to Loan Accounts Charges for Specific Services and Accounts. Fixed Rate Prepayment Fee Applies to loans approved from 22 February Payable if the loan is repaid in full during a fixed rate period. Interest offset facility Partial Interest Offset facility is available. There are no fees payable for Partial Interest Offset. Full Interest Offset facility (i.e. Mortgage Equaliser or Repayment Offset) is not available on the Introductory Fixed Rate loan. Up to 99 transaction accounts may be setup to offset the loan, provided the account holders of the Offset Account match those on the Loan Account. Offset Accounts cannot be linked to multiple loans. Parties who are not on the Loan Account cannot be account holders of the Offset Account under any circumstances. Maturity A letter will be sent approximately two months prior to the end of the fixed rate period notifying customers that the current fixed interest period is ending, that the interest rate will convert to the standard variable rate and the new repayment amount. If the loan has been taken as part of the Advantage Home Loan Package from 12 November 2007, the interest rate will include the Advantage Package interest rate discount. The letter also advises the customer that they can choose to take on another fixed rate period and can also lock in a rate prior to the maturity date. Page 5 of 6

6 Statement Statements are generated every six months. The statement cycle will be six months from the month of advance of the loan and every six months thereafter. Investment loans have a statement cycle that coincides with the end of the Financial Year. These are the only statement frequencies available. Borrowers cannot nominate any other frequency. Customers with CCC-regulated loans can nominate one of the borrowers to receive statements and notices on behalf of the other borrowers providing they all agree. Interim Statements / Replacement Statements These are available for mailing out on request. A fee is payable. Substitution of securities Substitution of security is permitted subject to the Bank s consent. Simultaneous settlement required Security to be substituted must be a like for like ; otherwise, a new loan is required Substituted security cannot represent a reduction in security for the Bank Like for like is, for example, ready built house substituted with a ready built house a house under construction is not permitted; 1st mortgage substituted for a 1st mortgage - 1st mortgage substituted for a 1st mortgage with a guarantee is not permitted Discharge Break costs* + Discharge of Mortgage fee applies. The Discharge of Mortgage fee is payable to the Bank. It is in addition to the fee for the Registration of the Discharge of Mortgage, payable to the Land Titles Office. * Refer to Break costs clause in Residential Loan Agreement General Terms and Conditions. Early Termination Fee Created from 1 March 2008 An Early Termination Fee is payable on an Introductory Fixed Rate Loan that is discharged before the fourth anniversary of the settlement date. The fee is calculated as 0.9% of the balance owing on the loan account at the date of repayment. Created from 16 March 2003 to 1 March 2008 An Early Termination Fee is payable on an Introductory Fixed Rate Loan that is discharged before the third anniversary of the settlement date. The fee is calculated as 0.9% of the balance owing on the loan account at the date of repayment. Fixed Rate Prepayment Fee Applies to loans approved from 22 February Payable if the loan is repaid in full during a fixed rate period. End Procedure Introductory Fixed Rate Home Loan Product Specification. August 2012 For further information Mortgage Central This document is owned and updated by St.George Bank Intermediary Distribution and is subject to change. Terms and Conditions and fees and charges apply and are available on request. All applications are subject to St.George Bank s prevailing credit criteria. St.George Bank - A Division of Westpac Banking Corporation ABN AFSL STGW /12 Page 6 of 6

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