LP Home Loans

Loan overview

Fully featured standard variable low rate home loan where PAYG and self employed borrowers provide evidence of income.

Interest rate

Comparison rates*

8.47% p.a. and 8.50% p.a.

8.46% p.a. and N/A.

Loan purpose

Any worthwhile purpose.

Loan amount

$30,000 - $2,500,000

Loan term

Up to 30 years.

Maximum LVR

Loan amount

Loan to value ratio

$30,000 - $500,000

100%

$500,001 - $650,000

95%

$650,001 - $750,000

90%

$750,001 - $1,000,000

85%

$1,000,001 - $2,500,000

80%

Premium rate discount option

The standard variable rate is reduced by 15 basis points in exchange for a varied fee structure. This option is best suited to a loan amount over $350,000. The option can be removed at any time (for example, once the loan amount falls below $265,000) reverting to the standard variable rate.

Repayments

• Principal and interest or interest only for 2, 3, 5 or 10 years.

• Variable or 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.

• Additonal repayments may be made at any time.

Redraw facility

• Unlimited redraw at no cost.

• The minimum redraw is $50 when using the telephone or internet.

• There is also a pay anyone facility where payments can be made to any bank or credit union account (except credit cards) directly from your loan account.

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 cheque linked Line of Credit split 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 a 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 provided the maximum LVR is not exceeded.

Construction option

A construction loan option may be used to purchase land where there is an intention to build, construct a residential property on land already held and complete the land purchase and construction. Additonal terms, conditions and fees apply.

Line of Credit option

A Line of Credit option is available as part of a split loan facility or as a stand alone facility. Additional terms, conditions and fees apply.

Online services

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

Loan statements

• Bi-annual statements are issued at the end of the financial year and the end of the calendar year.

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

*These comparison rates are based on loan amounts of $350,000 and $150,000 over a period of 30 years and 25 years respectively. Warning: These comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in different comparison rates. Fees and charges are payable and a comparison rate schedule is available.

This product sheet provides general informatin only.