Miao & Co

MO Solution

KEY FEATURES

DOCUMENTS CHECKLIST

  • Maximum LVR 80%
  • CLoan Size: $100,000 ≤ $2,000,000
  • Individual, Company or Trust
  • Maximum Loan Term 30 years
  • P&I or IO (Max 5 years)
  • Free Redraw
  • Vacant Land Acceptable
  • Application Form
  • Servicing Calculator
  • Broker Certified 100 Points ID
  • Customer Income Declaration
  • Accountant Letter
  • Most Recent One-month Rental Statement For Current Properties

CUSTOMER PROFILE

 PrimeNear PrimeNear Prime +SpecialistSpecialist+
Debt ConsolidationMax of 4 Personal DebtsUnlimited personal or business debts   
Cash OutUnlimited for acceptable stated purpose (personal use only)Unlimited for acceptable stated purpose   
Vacant LandAcceptable – Max 5 acres (75% maximum LVR on loans  up to $1,000,000)  Not Acceptable 
Max Land Size5 acresUnlimited (on application)   
LocationCat & 2Cat 1, 2, 3 & 4   
Permanent FT/PT6 Months Current or 12 Months Industry3 Months Current or 12Months Industry  
Casual12 Months Current    
Self EmployedABN Minimum 24 Months GST Minimum 12 MonthsABN Minimum 12 Months GST Minimum Months6  
Documentation PAYG

Last 2 Payslips plus one of:

  • Group Certificate
  • Notice of Assessment
  • Employment Letter
  • 3 months bank statements
    
Documentation – SE Full DocLast 2 years Tax 2 years Financials (ifReturns & Notice of available)Assessments  
Documentation – SE Alt Doc

Declaration of Financial Accountants Letter

  • 6 months BAS
  • 6 months bank
position plus one of: statements   
Credit HistoryPaid defaults (only) up to $500 may be considered

Defaults under $1,000 accepted (paid or unpaid)

Up to 2 defaults over $1,000 paid listed over 12 months ago

Defaults over $1,000 paid, listed over 12 months ago Defaults unpaid over $1,000 due to 1 credit event older than 12 monthsUnlimited defaults paid Defaults unpaid over $1,000 due to 1 credit event older than 6 monthsUnlimited defaults paid Defaults unpaid due to 1 credit event
Mortgage ArrearsNo Arrears < month (paid)1 month3 month
Other ArrearsNo Arrears< 1 month (paid)1 month2 month3 month
Discharged BankruptcyNo From 1 year DischargedFrom 1 day Discharged 

* All fees a repayable at settlement (Except valuation fee)

P&I INTEREST RATES ON LOAN SIZES ≤ $ 1,750,000

FULL  DOC

 

65%

75%

80%

Prime

6.54%

6.74%

6.84%

Near prime

6.69%

6.84%

7.04%

Near prime+

 7.09%

7.19%

7.29%

Specialist

7.59%

8.09%

8.59%

Specialist+

8.99%

9.19%

9.79%

ALT  DOC

 

65%

75%

80%

Prime

6.94%

6.94%

6.94%

Near prime

7.24%

7.54%

7.69%

Near prime+

 7.59%

7.89%

8.09%

Specialist

8.09%

8.49%

8.89%

Specialist+

9.59%

10.09%

10.39%

FEES AND CHARGES

APPLICATION  FEE

 

Prime

Near Prime

Near Prime+

Specialist

Specialist+

Full Doc

≤70%

$495

$990

0.50%

1.00%

1.00%

≤80%

$495

$990

1.00%

1.50%

1.50%

Alt Doc

≤70%

0.50%

0.50%

1.00%

1.25%

1.50%

≤80%

0.50%

0.75%

1.25%

1.50%

1.75%

 

VALUATION FEE*At Cost – From $330
SOLICITORS FEEAt Cost – From $500
SETTLEMENT FEE 0.30%
ONGOING FEE             $0
DISCHARGE FEE$450 plus solicitor fees

LOADING

Interest Loading Application Fee*
lnterest Only 0.30% N/A
lnvestment property 0.15% N/A
Acreage > 25 From 1.00% 0.75%
Loan size $1.75m ≤ $2m 0.50% 0.35%
Vacant Land 2.50% 1.00%

MAX LOAN AMOUNT

Prime, Near prime & Near prime+≤75%$2M
 ≤80%$1.75M
Specialist≤75%$1.5M
 ≤80%$1.25M
Specialist+≤75%$1.25M
 ≤80%$1M

* Loading applies to existing application fee except where a fixed dollar fee applies, in which case the loading replaces the existing application fee.

* Applies to both primary and secondary securities.

*All fees arepayable at settlement(Except valuation fee)