Quick Reference Guide

Transcription

1 Quick Reference Guide Capital Product Range

2 Capital Product Range This quick reference guide to the Well Nigh Capital Product Range is intended for internal and representative use only and must not be distributed to customers. For further information please refer to Head Office or your Development Manager. Information is subject to change. Featuring > No LMI > No credit scoring > Adverse credit > ATO Debts can be repaid > Unlimited debt consolidation > Unlimited cash out for business investment purposes > Refinances can include non conforming and solicitor loans > No volume hurdles > Full Doc loans up to 90% LVR > A wider variety of incomes > Self Employed Mere Doc loans up to 85%

3 Quick reference guide Loan purpose Product Key features and benefits Owner-occupied Investment Purchase / Refinance ATO Debts Debt consolidation Business Construction Defaults Minor defaults up to $1,000 ignored Mortgage Arrears Max LVR Loan amount Loan This home loan makes it easier for customers to purchase or refinance their home or an investment property, consolidate their debts, or raise working capital for business purposes. It even provides a solution for customers who have had past credit problems or who lack the minimum 5% genuine savings required by big lenders. > 12 months unlimited < 12 months nil exception of minor defaults 1 months mortgage arrears, in the last 6 months is considered 95%LVR purchases 85%LVR all others Standard Loans $750k (up to 90%LVR) $1.0m (up to 80% LVR) $1.5m (up to 70% LVR) Maxi Loans $1.25m (up to 80% LVR) $1.75m (up to 75% LVR) $2.00m (up to 70% LVR) $2.50m (up to 65% LVR) Home Loans - Full Doc Variable PLUS Loan This home loan is designed for customers who, due to previous defaults or credit impairment, are unable to secure a home loan through a bank or a prime lender. PLUS unlimited defaults ignored, listed >12 months ago. 2 defaults accepted in the last 12 months Up to 2 months 80% $750k (up to 80%LVR) $1.0m (up to 70% LVR) FLEXI Loan This home loan is is ideal for the self-employed or small business owner looking to buy or refinance their home or investment property and obtain cash out for business purposes at the same time. FLEXI defaults ignored if listed >36 months ago. Nil 95%LVR purchases 85%LVR all others $1.25m up to 80%LVR Specialty Products Mere Doc Home Loans Variable Mere Doc Loan This home loan has been created that assists borrowers who have difficulty providing traditional forms of income documentation. This home loan makes it easier for selfemployed borrowers to purchase or refinance their home or an investment property, consolidate their debts, or raise working capital for business purposes. Mere Doc PLUS Loan This home loan makes it easier for selfemployed borrowers previous defaults or credit impairment to purchase or refinance their home or investment property, consolidate their debts, or raise working capital for business purposes. Mere Doc FLEXI Loan This home loan makes it easier for selfemployed borrowers previous defaults or credit impairment to purchase or refinance their home or investment property, consolidate their debts, or raise working capital for business purposes. Mere Doc Mere Doc PLUS Mere Doc FLEXI > 12 months unlimited < 12 months nil >24months ignored (unlimited). 2 defaults allowed >12 months <24months > 36 months unlimited < 36 months nil Nil Up to 2 months Nil 85%LVR maximum purchase 80%LVR all others 75% 85%LVR purchases 80%LVR all others Standard Loans $650k (up to 85%LVR) $1.0m (up to 80% LVR) $1.5m (up to 70% LVR) Maxi Loans $1.25m (up to 80% LVR) $1.75m (up to 75% LVR) $2.00m (up to 70% LVR) $2.50m (up to 65% LVR) $750k (up to 75%LVR) $1.0m (up to 70% LVR) $1.25m up to 80%LVR $650k up to 80%LVR # Matrix is a summary only. * Includes multiple loan accounts and any unused limits. Information is subject to change. This guide is for uepresentative use only and must not be distributed to customers.

4 Quick reference guide Product Repayment options Loan Term Extra repayments Statements Repayment frequency Redraw from Home Loan Account Split loans 100% offset available Construction Relocation Loan Other information or writs registered over 12 months prior to No limit on the number of debts that can be consolidated. 1 month s current mortgage arrears (no missed payments in the last 3 months) is considered. Home Loans - Full Doc Variable or writs registered over 12 months prior to Up to 2 defaults registered in the last 12 months accepted (paid or unpaid). 2 months current mortgage arrears allowed. No limit on the number of debts that can be consolidated. or writs registered over 36 months prior to Simplified paperwork. No BAS statements required. Specialty Products Mere Doc Home Loans Variable 3 6 monthly m Simplified paperwork. No BAS statements required. or writs registered over 12 months prior to or writs registered over 24 months prior to Up to 2 defaults registered over 12 months prior to 2 months current mortgage arrears allowed. Conforming, Private and Solicitor Loan. Simplified paperwork. No BAS statements required. or writs registered over 36 months prior to Simplified paperwork. No BAS statements required. # Matrix is a summary only. * Includes multiple loan accounts and any unused limits. Information is subject to change. This guide is for uepresentative use only and must not be distributed to customers.

5 Lending policy summary # All mortgage applications must clearly demonstrate a financial benefit to the applicant(s) Minimum Loan Size: Minimum loan size is $100,000 Alternative Documentation Requirements: Self declaration of financial position plus + 6 months business bank statements OR 6 months BAS OR Accountants Letter (Accountants letter not on MAXI or PLUS loans) Please note on Mere Doc Flexi 24month ABN and 12 month GST required Repayment Options: Interest Only 1-5 then Principal & Interest; OR Principal & Interest Note IO period of 1-5 is only available of loan terms of up to Loan Terms: Minimum 10 Maximum 40 Will Lend To: Private individuals, companies, trustees (Max 4 borrowers) Will Not Lend On: Rural properties, constructis, commercial properties, relocatable & mobile homes, serviced apartments, studio apartments, resort complexes, retirement villages, bedsits, heritage listed buildings Vacant land Case Studies The following case studies were provided a solution from the Well Nigh Capital product range. Case Study 1 Purchase scenario Steve and Jackie Pharmacists, earning $97,000 each Buying first home $750,000 Jackie has savings of $62,000 Steve has inheritance of $195,000 Steve has Paid car loan default $1870 (2012), & Paid 3G default $117 (2012) No other debts Steve lost his parents last year in a tragic accident. He was unable to work for a few months due to the grief he was suffering. He defaulted on his car loan and phone bill. Steve then met Jackie and things are looking up; they would now like to buy their first home together. Lump Sum Payments: Free additional payments are allowed Mortgage Statements: 6 months mortgage statements required on any owner occupied debt (regardless of refinance or not) 6 months mortgage statements on any investment loan being refinanced Security Titles Considered: Torrens, old system, community, crown lease Maximum two securities per development Units: Restriction on units in high density post codes apply. Unit blocks cannot comprise of more than 35 units when located in a high density post code (see website for locations): - < 1 year old maximum LVR 75% Case Study 2 Consolidation & cash out Tony is a self-employed electrician ABN 30 months, and GST registered BAS available. Client is looking to consolidate Bankwest Home loan and investment loan to pay off multiple credit cards ($27k) and an ATO debt of $35k. Properties in Caringbah and Woy Woy NSW, security value up to $750k. Consolidation of home loan, investment loan, credit cards equates to 76%LVR. Jim has not completed his full tax returns for the last 12 months. Trades through his business bank account, where at least $13k is deposited per month. Rental income for Woy Woy can be used for servicing. Non-Conforming and Private or Solicitor Loans: Will refinance non-conforming, private and solicitor loans Portability: We offer portability on all loans, subject to conditions - please contact us for further details Maximum LVR Hard Caps: FLEXI hard caps apply to 80% LVR, 85% LVR, and 90% LVR - If the loan amount inclusive of fees exceeds 80% LVR then the 85% rate, fees and lending criteria will be applied - If the loan amount inclusive of fees exceeds 85% LVR then the 90% rate, fees and lending criteria will be applied - The loan amount inclusive of fees cannot exceed 90% LVR Mere Doc hard cap applies to 80% and 85% LVR - The loan amount inclusive of fees cannot exceed 85% LVR - If the loan amount inclusive of fees exceeds 80% LVR then the 85% rate, fees and lending criteria will be applied Case Study 3 Casual & rental income a default Kylie has been in her current job since Nov 2011 on a casual basis, wants to refinance her home loan. She tenants her house for $350 per week. The rent is paid directly into the home loan every week. Jane is boarding elsewhere. She has had an 11K default on her credit card listed from a previous CBA debt in August 2011, she also has 2 paid telco defaults from this time. The property values between $340,000 to $360,000. She needs to refinance from CBA and cash out some funds to pay off the default. Negative Gearing: Negative gearing is available

6 Fees Establishment Fee $995 Mortgage Risk Fee Up to 2.00% of the loan amount Title Protection Fee $400 per loan Monthly Admin Fee $15 per month per account Legal Fees From $440 plus disbursements Discharge Fee $500 per loan account For more information regarding maximum loan sizes, LVR bands and credit criteria please contact the CSA team on The interest rates and fees quoted are current as at the date this update was effective. We reserve the right to change its interest rates and fees at any time. Acceptable Income Employment Type Income Definition Allowance % Full or Part-Time Base Salary, Allowances and Shift Penalties 100% Second Job, Casual Minimum 12 months continuous service current employer 100% Commission/ Bonuses (paid at least quarterly) and Overtime 6 months or more continuous employment 100% Centrelink Pensions Centrelink Pension received (eg aged, invalid etc) 100% Superannuation Pension or Annuities 100% Rental Income Rental income to be received post settlement 100% Housing Allowance Allowance provided by employer or government bodies 100% Interest and Dividends Income from cash deposits held or share portfolio. 2 consistency required 100% Forms of Guaranteed Income Inheritance and trust beneficiaries etc 100% Maintenance Family Payments WorkCover or Workers Compensation Board and private rental If a court order or a child support agency agreement exists or proof of receipt for a period of 3 months continuous payments no age restrictions Family assistance payment for dependent children regardless of age (Part A, Part B and parenting will be used, rental, sickness and pharmaceutical allowances are not to be used) 80% of a WorkCover allowance will be accepted but needs to be verified by payslips, official letters or statements. The usage of this allowance is discretionary 100% of current rental/board income received allowed if verified through continuous receipt via bank statements over a 6 month period 100% 100% 80% 80% Lending Policy - Quick guide to LVR and loan amount Maximum LVR - loan type or purpose. Varies according to security location, refer to lending policy for specific details. Full Doc Mere Doc Purchase up to 95% Purchase up to 85% All other purposes up to 85% LVR All other purposes up to 80% LVR

7 We are committed to providing you outstanding service and what we believe are the best turnaround times in the market. For more information please contact Head Office or your Development Manager. > In association a Major Australian Non-Bank Lender > Competitive Rates > Fast Approvals > No Lenders Mortgage Insurance (LMI) required > Refinance ATO Debts > Refinance Private and Non-Conforming loans > Full & Alternate Documentation Loans available This quick reference guide to the Well Nigh Capital Product Range is intended for internal and representative use only and must not be distributed to customers. For further information please refer to Head Office or your Development Manager. Information is subject to change.

8 PO Box 1962 North Sydney 2059 Ph