Connective Essentials by Advantedge

Connective Select by Adelaide Bank

LVR

Max LVRs -

· 95% Owner-Occupied (Purchases only)

· 95% Owner-Occupied (Purchases Only)

· 90% Investment

· 95% Construction Owner Occupied

(LMI cannot be capitalised)

· 95% Vacant Land, Owner Occupied Variable Only

Note: >90% NSR 1.35

· 90% Construction

· 90% Investment

· 80% Interest Only

· 80% Interest Only

LMI in-house QBE – higher limits

· 80% Bridging (NSR 1.15)

Product

Loan Term

25 or 30 year Only

5 – 30 years

Pre-approvals

YES (not fully assessed)

YES (fully assessed)

Bridging

NO

YES

Common Debt Reducer

NO

NO (100% of debt and 100% of rental)

Upfront Valuations
​ All through Property Hub

No valuation fees

Cover first $600

No limit on valuations

Second security is charged to the customer

Free Via NAB and Redi ATM networks

$0 Cost for Bendigo ATMs

ATMs

90% Max. LVR – OO and Inv purpose (includes LMI)

95% Max. LVR for OO

Construction

· Only available on variable rate product

· 90% Max. LVR for IO repayments during construction period at P&I rates

· $300 Construction Drawdown Fee

· No Owner Builders

· Construction period Interest Only at P&I rates

· Not available for builders or property developers

· No Owner Builders

· Construction must be completed within 12 months of initial draw down

· Construction must commence within 12 months

· No split contracts

· No split contracts, costs plus contract and any building contract beyond work completed e.g. Simple Works Contracts

· Bridging Construction – NSR 1.25

· Variations must be part of building contract

· Valuations “As if” Complete

· Valuations “As if” Complete

· Up to 3 dwellings in 1 Title

· 1 dwelling per title

Cash Out Policy

Evidence required if

Evidence required if > $100k (Guide)

LVR exceeds 80% Or

Loan amounts >$250k

Mature Age Policy

No max age as long as 1 acceptable exit strategy is required (not super)

No max age - 1 acceptable exit strategy required (super not sole reason)
Note: Likely to reduce term according to exit strategy

Application fee

NIL

NIL

Settlement fee

$395

$250

Ongoing fee

NIL

NIL ($10 per month for each OffSet Account)

Vacant land only

YES

NO

Construction

YES

YES

Off-set

NO

YES

(Full Transactional Redraw)

1 Offset Per Split (Max 5 Splits)

Commission

· 0.77% Upfront (incl. GST)

· 0.715% Upfront (incl. GST)

· 0.165% Trail (incl. GST)

· 0.165% Trail (incl. GST)

Clawback: 100% 0 – 12 months

Clawback: 100% 0 – 12 months

50% 13 – 24 months

Credit & Supporting Doc Requirements

Credit Score

YES

YES

Supporting Documentation

· 3 months of transactional statements not required if 2 payslips provided – assessor can request at their discretion

· Require 3 months transactional statements for all applications

· No statements for debts not being refinanced (require a mortgage balance)

· 1 month statements for debts not being refinanced

Acceptable Security

$10 per Offset

Acceptable Security

· Min 50 sqm (includes car space and/or balconies)

· Min 50 sqm (excluding car space and balcony

Units / Flats /

· Separate certificate of title required

Apartments

High density located security

· Max. LVR 70% as per postcode location tool

· Max. 70% LVR If > 5 Stories and/or 50 Units in the complex

Rural Residential

· Must have mains power

· Must residential dwelling

(or similar zoned properties)

· Max. 10 Hectares (25 acres) with completed dwelling

· Max 10 hectares (25 acres) greater size can be accepted at reduced LVR

· Must not be income producing other than rental income from tenants

· Services connected

· > 10 Hectares but less than 50 hectares up to 70% considered

· Max. $500k up to 80% LVR

Max units on title

· 2-3 Units Need to show plan/draft to sub-divide in future

· Up 10 units for established dwellings in 1 title.

· Max. LVR 65%

Acceptable Income

Genuine Savings

· Required >90.01% LVR

· Required >80% LVR

(Evidenced 3 months)

(Evidenced 3 months)

· Non-residents accepted when joint applicants with AU Resident

Accepted rental history for genuine saving

Accepted rental history for genuine saving

Foreign Income / Overseas

X

· Exclude overseas liabilities and income if positively geared – confirm country

· Accept some overseas pensions at 80%

· Min. 2 years trading in the current business

· Min. 2 years trading in the current business

Income Types

· Use average of 2 years

· Use most recent income unless it has increased more than 20% - Use average

Self-employed

PAYG

· No min. employment term for full/part-time employment

· Min. 6 months in current employment

· Probation period acceptable

Or

· Employed 12 months in the same field/industry

· If Probation min. 2 years in the same industry

· Min. 6 months with current employer

· Min. 12 months with current employer

Casual

· 100% Average last 6 months annualised

Or

· 2 years same industry

· YTD Annualised 48 weeks

Commission / Bonus

· 70% if confirmed

· Must be received from same employer for the past 2 years

· Min. 6 months

· 80% of the lesser of last 2 years

· Must be from the same employer

· Does not need to be condition of employment

· Must not be on probation

Bonus

· 2 years received from same employer

· Use the average bonus payment received; or the most recent financial year if the bonus payment was lower

Over-Time/Allowances

· Received min. 6 months

· Received min. 12 months with the same employer

· Use 70% (100% Essential Services)

· Use 80% (100% Essential Services)

Allowances

Allowances

· Use 100% (must be permanent and ongoing)

· 100% if demonstrated over 2 consecutive payslips variance <20%)

Servicing

· $500 Notional Rent per household

· $650 notional rent per household (spousal)

· Joint Debts - 100% debts and 100% rental

· 3rd Party directors not required to be guarantors (individual borrower)

· Exclude company liabilities if expensed in financials