Self-Employed Loans
In response to the banks making life very difficult for the self employed, we have found one of the best loans currently available – it's the CHOC FREE 70 loan
It's a great loan for people who:
- Don't want to provide proof of income
- Have not been self employed for very long
- want to borrow in a Company or Trust name
- Don't want to provide an income declaration which is different to their tax return income declaration.
- Don't want to pay annual or monthly fees
- Don't want to pay Mortgage insurance
- Want to purchase or refinance a residential property for personal or business purposes.
Loan Details:
- Maximum borrowing of 70% of the value of each property
- Interest rate equivalent to bank's standard variable rate of 9.55%*
- Loan amount up to $750,000 for each property
- Payment can be made weekly, fortnightly or monthly
- Up to 30 year loan term
- Interest Only available for up to 10 years
- Up to 4 free loan splits available
- Extra repayments can be made at any time at no cost
- Free and unlimited redraw is available (as long as the transactions are greater than $50)
- Line of Credit options available at 9.65%*
Fees & Charges:*
| Valuation fee: | $350 per standard security |
| Loan Administration fee: | $545 |
| Monthly fees: | Nil |
| Annual fees: | Nil |
| Total upfront Fees: | $895 |
*Government fees (eg stamp duty) and legal fees (eg conveyancing) are not included in this figure. Your lending consultant can give you an estimate of purchasing costs. All fee amounts include GST. The actual rate is determined when the loan is settled but is subject to change.
Who this loan DOES NOT suit:
- People who will fully discharge their loan within 5 years. (Hefty Deferred Establishment fees apply during the first 5 years)
- People with credit impairments
- People who want a branch as all transactions done via internet