State Custodians Mortgage Company Standard Fixed Loan (5 Year)
Posted September 7th, 2010
and last modified February 23rd, 2012.jpg)
What happens when I click Enquire Now?
- Clicking Enquire Now will take you to the lender's website
- After completing the contact form, a mortgage expert will contact you
- The mortgage expert will ensure you find the right loan, calculate your repayments, and explains all the associated fees
- After going through the enquiry process you will be able to know how much you can borrow, begin your application when you are ready to apply and be approved for a home loan
A State Custodians Mortgage Company fixed home loan (5 Year), will give you the time you need to ride out any future rises in interest rates as well as give you budgeting stability as you start your way on the road to home ownership.
What you will not get however with a State Custodian Mortgage Company, fixed home loan (5 Year) is a proliferation of fees such as you will find in many other cases. There are no fees charged for making your application, as is the case with many other such loans. There are no monthly ongoing fees. You will be pleased that there will be no settlement fee deducted from the loan and no offset management fee on your offset transaction savings account that is linked to your loan. And if you want pre-approval to give you more leverage in getting your property at the right price you will not be asked to pay a pre-approval fee.
When contemplating you home loan you should consider factors such as:
• What will most likely be the economic situation during the next five years as regard interest rate movements?
• Is it probable that interest rates would be more likely to rise during the next five years?
• If interest rates increased, would that effect your ability to meet your loan repayments?
• Will fixed interest rates ensure your budget remains more manageable during any fixed interest rate period?
You may feel that five years of a fixed interest rate is what you require before you can become fully secure with your home loan financial situation. If this is the case a State Custodians Mortgage Company, fixed home loan (5 year) would be what you need prior to having your mortgage changed automatically to a State Custodians Mortgage Company (SCMC) Standard Variable Offset interest rate once the five year fixed period expires.
A State Custodians Mortgage Company, fixed home loan (5 Year) allows you to benefit from the company’s innovative and money saving policy of dealing with customers direct by applying the following principles:
• SCMC won’t accept business from mortgage brokers.
• SCMC won’t accept business from companies or agents who require commissions to be paid.
• SCMC team members are salaried professionals completely free of any conflict of interest.
These principles are strictly adhered to in order to keep interest rates low so you, the home buyer, can rest confidently in the knowledge that your home loan is being administered by people who care.
Accessibility & Repayments
State Custodians Mortgage Company, fixed home loan (5 years), is on offer to owner occupiers and property investors, be you a first home buyer or not and you can arrange your weekly, fortnightly or monthly repayments to pay both the principal and interest, or if preferred, the interest component of the loan only. Top ups can be accommodated but conditions and fees will apply.
Loan Limitations & Requirements
• The minimum amount you can borrow from a SCMC fixed home loan is $150,000 and the maximum $1,000,000 but you can borrow a higher amount if exceptional circumstances warrant it.
• The amount you can actually borrow is restricted to 95% of valuation of the property, no matter if you require the loan to purchase the home, or for refinancing purposes. On both occasions you will also be required to take out Loan Mortgage Insurance (LMI).
• The maximum Loan to Valuation Ratio (LVR) allowed for refinancing for debt consolidation purposes is 90 percent and once again you will have to take out LMI.
• Capitalization of LMI repayments can be accommodated and the maximum term of the loan, on all occasions, is 30 years.
Split Your Loan Four Times
Up to four splits are allowed on a State Custodians Mortgage Company, fixed home loan (5 Year):
• A free redraw facility is available other than on any fixed portion of the loan.
• There is also a 100 percent offset transaction savings account link accommodated by your loan. (not applicable for any fixed portion).
• A free unlimited access phone loan account.
• A free unlimited access online loan account.
• All have ATM, EFTPOS and BPAY facilities built in. There is also an optional debit card attached to all State Custodians Mortgage Company home loans for approved customers – a Mastercard debit card can be used for all EFT transactions including internet and phone purchases.
• Free salary crediting can be arranged to your variable interest portion of your loan but not for the fixed period.
State Custodians Mortgage Company Fixed Home Loan Costs
• An annual fee of $345.
• Lenders Mortgage Insurance processing fee of $499 (only for loans requiring mortgage insurance)
• $0 Exit fee
• Cancellation of settlement, fee – $390. (This fee is only payable if the cancellation is made by anybody other than an employee of SCMC).
• Discharge fee – $350.
A State Custodians Mortgage Company, fixed home loan (5 years), is the right home loan to give you certainty by knowing that your interest rate costs will not rise for at least five years. This certainty will help you to budget your finances with ease.
| Minimum Loan Amount | $150,000 | |
|---|---|---|
| Maximum Loan Amount | $1,000,000 | |
| Maximum LVR | 95% | |
| Maximum Insured LVR | 95% | |
| Mortgage Offset Account | No | |
| Loan Redraw Facility | No | |
| Split Loan Facility | No | |
| Fixed Interest Option | No |
| Interest Rate Type | Fixed | |
|---|---|---|
| Interest Rate | 6.08% | |
| Comparison Rate | 6.26% | |
| Repayment Type | Interest Only | |
| Repayment Frequency | Weekly | |
| Extra Repayments | No |
| Application Fee | $0 | |
|---|---|---|
| Legal Fee | $385 | |
| Valuation Fee | $275 | |
| Service Fee | $345 | |
| Settlement Fee | $390 | |
| Exit Fee | $0 |
Top Home Loans
| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing | |
|---|---|---|---|---|---|---|---|
 Loans.com.au - Dream Catcher | A home loan offer with a $0 application fee and one of the lowest available home loan interest rates. | 5.85% | 6.21% | $0 / $375 | 80% | $50,000 / $750,000 |
 
|
 Bankwest Online Home Loan | A low interest rate home loan with a $0 application fee and ongoing maintenance fees. This offer is exclusively available by applying online. | 5.97% | 5.97% | $0 / $0 | 80% | $100,000 / $1,000,000 |
|
 State Custodians Mortgage Company Standard Variable Offset Loan | Awarded Mortgage of the Year 2012 – this multi-award winner features 100% offset and a loyalty 0.25% rate drop after 5 years. | 6.02% | 6.23% | $0 / $345 | 95% | $150,000 / $1,000,000 |
|
 Illawarra Home Loans Bank Beater Home Loan | A low variable rate, beaten down even further by 0.05% p.a. after 5 years. | 6.07% | 6.35% | $0 / $345 | 90% | $250,000 / $1,000,000 |
|
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