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What Will It Cost Me?
The cost of your loan can be affected by your credit history,
type of security property, and your ability to verify
your income.
Lo Doc loans
(where you self certify your income) are a higher risk
to the funder so they have a slightly higher interest
rate. However, at anytime after a Lo Doc loan settles
the rate can be reduced to the lower rate if income verification
can be provided.
If you suspect you have a credit history problem you will
need to look at the Onyx
Extra Care Program
When assessing the total cost of a loan you need to consider
items such as:
- Up-front fees
- Lender's Mortgage Insurance (LMI)
- Interest
- Account management fees
- Transaction fees
- Facility set-up charges (eg. redraw)
- Early repayment fees
Fees Onyx Will Not Charge
Onyx Home Loans products have;
- No account management fees
- No redraw set-up fees
- Free transactions (unlimited on Line of Credit)
- No early repayment fees payable after five years
- No LMI payable by you under 80% LVR and under $750,000
Fees Onyx Will Charge
- An application fee
- Legal costs will be charged at settlement
- Deferred establishment fee if you pay out your loan
within five years
- LMI over 80% LVR or $750,000
Lenders Mortgage Insurance
For an explanation of lenders mortgage insurance and click here to
estimate your mortgage insurance.
Strategies to Minimise Costs
We can show you some strategies
to minimise your interest payments.
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