Variable Rate Home Loan - ING DIRECT - Construction

Comparison Rate	6.31%
Amount	$200,000
Term	30 years
Monthly Payment Est.	$1,237.95
Total Amount Paid Est.	$445,680
Establishment Fee	$0.00

6.30%

Target Market
Owner Occupier, Residential Investment, Construction ,
Maxim term generally 12 months for construction then reverts to Mortgage Simplifier. ,
First time home buyers with evidence of deposit and strong ability to repay. ,
Home owners undertaking extensive renovations. ,
Note: owner builders and developers are not eligible.

Acceptable Income
Applicant Types: ,
PAYG Income Earners ,
Self Employed ,
Retirees evidence of ongoing capacity to repay after retirement is mandatory.

Home Loan Loan Term
Maximum term in construction is 12 months, loan converts to Mortgage Simplifier on completion of the construction or after 12 months whichever is sooner.
Maximum term 30 years.

Home Loan Loan Size
Minimum $50K ,
Maximum Owner Occupier $2M ,
Owner Occupier and Investment 90% LVR plus capped LMI for loan amounts up to $300K. Loans higher than $500K require ING DIRECT Risk Management approval.

Home Loan Repayment Type
Principal & Interest and Interest Only. ,
P&I or Interest Only available for maximum of first 5 years of loan term. ,
Owner Occupier and Investment P&I and Interest Only options available. ,
During Construction: ,
Interest only on balance of funds drawn. ,
Interest capitalisation is NOT permitted . ,
After Construction: ,
Once construction is finalised, or 1 year after settlement date of land, ,
whichever occurs first, the loan will convert to a Mortgage Simplifier. ,
Switch to a different type of product at this time may be considered.

Repayment Options
Fortnightly or monthly repayments ,
During Construction Interest Only repayments

Extra Repayments
No.

Split Loan Facility
Not available.

Offset
Not applicable.

Redraw Facility
Not available until after construction is completed. ,
Conditions apply for access to Telephone and Internet Banking Note Redraw not available during the construction period.

LVR for Variable Rate Home Loan - ING DIRECT - Construction

Customers contribute their equity upfront towards the purchase of land. ,
Construction Loan: ,
Postcode LVR up to $1.05M (inclusive of land component) ,
Subject to mortgage insurers policy; generally: ,
Up to 90% LVR for Owner Occupied loans ,
Up to 90% LVR for Investment loans ,
Vacant Land Maximum LVR 80% ,
If LVR exceeds 80% (70% in some areas) refer postcode LVR policy. ,
,
Up to 90% LVR (plus capitalised LMI premium) on completion valuation where construction is to commence immediately (ie. construction contract is already in place). ,
Up to 80% of land valuation (or purchase price, whichever is the lower) where there is a commitment to commence construction of a dwelling within 12 months of funding (ie.construction contract is not in place).

Fees for Variable Rate Home Loan - ING DIRECT - Construction

Establishment Fee Nil ,
Account Keeping Fee Nil ,
Additional Valuation fees commence at $200 for a standard valuation which are paid upfront, refer to Postcode Valuation Costs in the INGD Loan Applications folder. ,
Final Valuation Fee applies, refer to Postcode Valuation Costs in the INGD Loan Applications folder. ,
A legal fee of $220 minimum applies and is charged directly by the solicitor (displayed as Mortgage Preparation). Additional fees may be payable, for further information please consult your local INGD BDM or refer to ING DIRECT’s Pre-Settlement Fees & Charges brochure. ,
A $250 fee is charged if you make changes to the ING DIRECT’s letter of offer between date of issue and settlement. ,
Increase/Decrease $100 ,
Deferred Establishement Fee: ,
1 Year $1400 ,
2 Year $1050 ,
3 Year $700 ,
4 Year $350