Collins Securities Low Doc 70

There has been a lot said in recent times regarding the right of borrowers to switch home loans should they find their lender is charging a higher interest rate than that considered to be fair. The Australian Government has even entered the debate by actually encouraging home buyers to look around for a better deal if they feel they are not getting a ‘fair go’. They have flagged their intention to legislate to make changing home loans easier for borrowers to undertake if they feel the move would benefit them. Collins Securities Low Doc 70 home loans are designed for this very purpose.

It is a home loan aimed at helping home buyers refinance into a more competitive priced mortgage if they feel the need to do so.

A Collins Securities Low Doc 70 home loan is particularly suited to home buyers seeking to refinance into a low documentation loan for no more than 70 percent of the value of their residence. It gives unhappy borrowers a chance to enjoy a lower interest rate with a loan that is a flexible long term mortgage which allows you to pay both principal and interest while making additional payments as you have the money available. You can also redraw these additional funds if the time arrives when you want cash out for any particular reason.

Other special features of a Collins Securities Low Doc 70 home loan include the following:

• There is no Lenders Mortgage Insurance (LMI) required that pushes the initial costs up.
• Being a Collins Securities home loan it is available Australia wide.
• Standard residential first mortgage security is accepted.
• The maximum amount of time you can take to pay the loan off is 30 years.
• Home loans can range from a minimum of $20,000 to a maximum of $1,500,000.
• The maximum loan to value ratio (LVR) is 70%.
• A financial declaration is required but not a Business Activity Statement.
• An accountants declaration is required.

This particular mortgage is ideally suited to individuals including the self employed as well as companies and trusts, especially those wishing to refinance, to purchase, or for property investment purposes.

Management features that come with a Collins Securities Low Doc 70 home loan

You will be able to manage your account yourself through Collins Securities user friendly online account management arrangements:

• You can have an offset account attached that will allow you to offset your savings against the amount you have borrowed. This feature is particularly useful if you can manage to keep a large enough balance in your offset savings account.
• You can arrange to have a redraw facility whereby you can redraw any excess money you have placed into the account.
• You will be able to access your funds via a Visa debit card through the usage of an ATM or EFTPOS.
• You will be able to pay your bills with BPAY.

Repayments

You will be expected to repay both the principal and interest off the home loan on a monthly basis but you will be able to deposit additional funds at any time of your own choosing.

Collins Securities Low Doc 70 home loan fees

There is no annual fee charged on this particular home loan nor is there any charges made for using the redraw facility online. Other fees that are charged however include the following:

• An application fee of $600.
• A settlement fee of $275.
• A loan processing fee of $150.

There is also an early repayment fee to be paid if you decide you wish to repay the money owed before the expiration of the contract.

Following the receipt of your home loan application a relationship manager will contact you to determine if there are any additional matters that need clarifying. The actual application itself is best done online as the form has been especially designed to be used online where you can choose to download it to your desktop or link in at the Collins Securities website at your convenience. To use the application form online you will have to have the latest version of Adobe Acrobat installed on your computer. If you feel you need more information when completing the application form you can get help by opening the Collins Securities website news article entitled, ‘What lenders look for in an application’.

A Collins Securities Low Doc 70 home loan can be the best opportunity you will come across to lower your interest repayments on your existing home loan if you are planning on refinancing. The days are long gone when a mortgage would be taken out for life and never looked at again following settlement.

With the competition around these days you are probably doing yourself a disservice if you don’t check out the competition from time to time. When you do you will find a Collins Securities Low Doc 70 home loan the most competitive of all.

Read the Collins Securities Low Doc 70 terms and conditions.

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