Specialist clear loan image

Specialist Clear Loan

Description A loan with all the features of a loan for borrowers with a clear or adverse credit history
Eligibility PAYG and Self Employed (clear and adverse credit considered)
Loan Purpose Any worthwhile purpose
Loan Amount $50,000 – $1,500,000
Loan Term 30 years
Maximum Loan to Value Ratio (LVR) 90% (Alt Doc refinance 85%)
Adverse Credit
  • Discharged bankrupt over 2 years
  • No defaults (ignore listings paid over 12 months ago, listed over 24 months ago or any under $2,000)
  • No mortgage arrears (missed/late payments considered)
Full Doc income requirements
  • PAYG with base income only – either 2 of the 3 most recent computer generated payslips or 3 months statements from a financial institution showing regular salary credits with the name of the employer evident as a minimum.
  • PAYG with OT/ and/or commissions etc – latest PAYG Payment Summary (computer generated) or Tax Assessment Notice are also required
  • Self employed – Last 2 years full business/company and personal taxation returns. This must also be supported by the latest available Tax Assessment Notice. 150% year on year variance can be used.
Alt Doc Income Requirements
  • Income Declaration
  • Accountant letter, or 6 month BAS, or 3 months business bank statements
Interest Only Option 1 – 5 years (maximum 80% LVR for owner occupied)
Repayment Options Principal and Interest or Interest Only
Repayment Frequency Weekly, Fortnightly, Monthly
Property Requirements Registered first mortgage over Torrens, Strata or old system title
Specific Fees
  • $949 settlement fee
  • Risk fee payable on all loans

Available Loan FeaturesHome Loan icon for Urban Money

  • Redraw
  • Offset
  • Inward Direct Debits / Credits
  • Inward deposit book payments
  • Internal Portion Transfer (if a split loan)
  • Split loan facility
  • BPAY
  • Outward Third Party Direct Debits
  • Loan Access System – internet banking

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