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A variable interest only home loan available as a short term facility for purposes such as the construction of your home or for bridging finance.
The rate is reduced if the loan-to-value ratio (LVR) is <= 70%. LVR is the loan-to-value ratio is the amount you are borrowing represented as a percentage of the value of the property you are buying e.g. $400,000 loan divided by $500,000 property value is 80%.
Owner occupier, variable, Interest Only, LVR 70% or less.
|Features||LVR <=70%||LVR > 70%|
|Repayment Arrangement||Interest Only||Interest Only|
|Maximum amount||70% of property value.||79% of the property value.
If it's a bridging loan: 85% of property value with mortgage insurance.
If it's not a bridging loan: 95% of property value with mortgage insurance.
|Loan period||Up to 30 years||Up to 30 years|
|Repayment frequency||Weekly, fortnightly or monthly||Weekly, fortnightly or monthly|
|Interest only available||Yes||Yes|
|Additional repayments accepted||Yes||Yes|
|Minimum redraw amount||No minimum||No minimum|
|Offset account available||Yes||Yes|
|Offset fee||$150 p.a.||$150 p.a.|
|Bridging Establishment fee||$500||$500|
|Early break fee||No||No|
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