A comprehensive range of amortising and interest only loans are available in the following categories:

Residential Mortgage Finance
            - Owner-occupied home loans
            - Residential investment loans
            - Loans for business purposes secured by residential property.

Low-Doc and No-Doc Loans

Repayment Calculator

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Residential Mortgage Finance

(Owner Occupied and Investment)

These mortgage loans are available for the acquisition and refinance of residential property, either for owner occupied or investment purposes. They are also available for business purposes such as to purchase a business, refinancing business loans or any commercial purchase where the security offered is residential real estate. These residential mortgage loans are available in major metropolitan areas in NSW, Queensland, Victoria, South Australia and Western Australia, Northern Territory and in regional towns.

Loan Features & Benefits:

-Loans can be written to a maximum of 30 years
-Unlimited principal repayments are allowed on variable loans
-A redraw facility is available on variable rate loans for additional interest repayments made with no fees charged
-Additional principal repayments can be made on Fixed Rate Loans of up to $10,000 per annum
-Loans can be split between fixed and variable amounts
-Loans are portable (i.e. security can be substituted if where a replacement property is purchased, without repaying the loan)
-No ongoing loan or account keeping fees
-Maximum loan to valuation ratio of 90% (Note: Mortgage insurance is charged on all loans where the loan to valuation ratio exceeds 80%)
-Low set up costs 
-Loans available up to 80% of valuation in MOST Metropolitan areas without mortgage insurance
-Interest only repayments are available to a maximum term of 5 years

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Interest Rates

Loans secured by residential property are available for both business and non business purposes.

Variable Rates (Amortising up to 30 Years or Interest Only 5 Year Option)

Fixed Rates

Warning: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates assume an amount or credit of $150,000 and a 25-year term for which credit is provided.

Loan Costs:
The above loans have an application fee of $499 which covers the standard valuation costs and lenders legal costs. As a special offer to clients of our company we rebate the $499 to our client on settlement.

Other Legal Costs That May Apply In Certain Cases:
1) Where non-standard legal documentation is required-
-Multiple Security Properties-Fee for each additional security - $200.00
-Preparation of Guarantee (Individual/Company - $100.00
-Review Trust Deed (If Applicable) - $100.00
-Prepare a Company Charge - $200.00
-Discharge Mortgage - $250.00

2) Where Mortgage Insurance is required-
Mortgage Insurance applies to all loans where the amount borrowed exceeds 80% of the property valuation or purchase price. Mortgage Insurance indemnifies the lender against loss on a loan transaction and a once only premium is payable on settlement. Mortgage Insurance rates will be given on application.

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Low-Doc & No-Doc Loans

These loans have been developed to assist individuals and businesses who have adequate security and income to support a loan but cannot demonstrate via tax returns or financial accounts that this is the case. In these instances, the borrowers make a declaration that they can support the repayments or make a statement of their income and earnings which is accepted by the lender. This basically removes the obligation for the lender to verify the income stated and allows them to rely primarily on the security offered in support of the loan.

These Lo-Doc and No-Doc loans have evolved to a stage where they have most of the features of standard loans. This includes lines of credit, redraws, interest only facilities and even Lo-Doc construction loans.

The downside to these loans is that a premium is charged between 0.5% and 0.75% over rates available for standard products. The current indicative variable interest rate for Lo-Doc loans is 5.94% with a comparison rate of 5.98%.

For further information on these products, please Contact Us for More Information .

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Repayment Calculator

To operate the following quotation calculator enter the appropriate amounts in each input field. Once you have entered a figure in the first input field you may use the tab key to advance to the next input field, if you wish. Once all of the input fields are filled, to generate the final monthly repayment figure, press inside the monthly repayment field with your cursor. Please input interest rates from the above table, which are the indicative rates available through Robert Mayor & Associates

Repayments are calculated MONTHLY IN ARREARS, i.e. the first payment will be due one month after settlement.

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If you would like to find out more information about anything covered on this page, please contact us and we will assist you with your enquiry. Thank you.

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