LP Home Loans

Loan overview

This facility is similar to an overdraft facility or credit card account except that both principal and interest are repaid over time in regular instalments once an intial 15 year interest only period has elapsed. Self employed borrowers may self certify income with the Fastdoc LOC option.

Loan purpose

Any worthwhile purpose.

Loan amount

Loan term

30 years only.

Maximum LVR (stand alone loan amounts)

Loan amount

Loan to value ratio

Standard LOC

$30,000 - $500,000

90%

$500,001 - $750,000

85%

Fastdoc LOC

$30,000 - $750,000

80%

Premium rate discount option

The variable rate is reduced by 15 basis points on the Standard LOC and 10 basis points on the Fastdoc LOC in exchange for a varied fee structure. These options are best suited to loan amounts over $350,000. The option can be removed at any time (for example, once the Standard LOC loan amount falls below $265,000 or once the Fastdoc LOC loan amount falls below $300,000) reverting to the Standard rate or Fastdoc rate.

Repayments

• Interest only for the first 15 years (called the revolving credit period), followed by principal and interest for the remainder of the loan term.

• At the end of the revolving credit period all or part of the loan may be fixed for 2, 3 or 5 years.

Repayment method & frequency

• Loan repayments may be made by direct debit or direct salary credit.

• Instalments may be made weekly, fortnightly or monthly.

• Additional repayments may be made at any time.

Redraw facility

Redraw is available using the telephone, internet, the pay anyone facility or, if activated, a credit card and/or chequebook.

Split facility

Up to four separate loan accounts under the one facility, each with loan statements. Minimum split is $10,000 except for a card or chequebook linked Line of Credit where the minimum is $5,000.

Loan portability

Substitution of security property is available. Restrictions may apply if the loan size is altered.

LMI capitalisation

For loans with an LVR > 80% the lenders mortgage insurance premium may be added to the loan amount without that amount being taken into account for the purpose of calculating the premium provied the maximum LVR is not exceeded.

Construction option

A construction loan option is not available on a stand alone Line of Credit.

Online services

The Loan Service Net and Loan Service Line enable borrowers to view and transact on their loan via the internet and telephone.

Loan statements

• Loan statements are issued monthly.

• Interim statements are issued on request, free of charge.

This product sheet provides general information only. Fees and charges may be payable.