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Changes to No Deposit Quick Start Option - effective 7 April 2008

Thu, 2008-04-03 22:13 — Broker
From 7 April 2008 St.George/BankSA is making changes to the No Deposit – Quick Start Option. This option is suitable for those customers who have minimal funds upfront to purchase a property. This includes customers who do not wish to pay the LMI or the LEF (Loan Extension fee). The changes are as follows:
  • The variable interest rate margin will increase from 0.32% to 0.50% above the Standard Variable Rate;
  • The fixed interest rate margin will increase from 1% to 1.15% above the Standard Fixed Rate; and
  • This option will no longer be available for refinancing and debt consolidation - it will be restricted to purchase, construction, vacant land and investors.
The following table outlines the features of our No Deposit Quick Start option, including these key changes.
  • Genuine Savings - Not required
  • Interest rates - currently 0.32% above standard variable 1.00% above standard fixed changing to 0.50% above standard variable 1.15% above standard fixed
  • Early termination fee - 1.75% if loan discharged within four years
  • Loan category - Owner Occupied or Investor
  • Loan Purpose - Currently Purchase Construction Refinance Debt consolidation Vacant Land Investors Policy Exceptions (Eg paid defaults) - New Purchase Construction Vacant Land Investors
  • Establishment Fee - $750
  • Repayment type - P & I (owner occupier and investor) Interest Based (investor only)
  • Maximum loan size - $750,000
Please note, existing No Deposit Quick Start customers and those customers applying for a No Deposit Quick Start Option home loan before Monday 7 April 2008 will not be affected.


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