A flexible home loan for the self-employed borrower
If you’re looking to finance your dream home with a loan that has flexible requirements and are self-employed, then you may want to consider the State Custodians Self-Employed Flexi Home Loan. You’ll need to have registered your Australian Business Number for a minimum of two years and GST for a minimum of one year.
You can use this loan for both owner occupier and investment purposes. First home buyers and refinancers are also eligible for this loan, and pre-approval is available. However, it can’t be used for construction purposes. This loan is also available to those with unpaid defaults and late payments on their credit history, although conditions apply.
Features of the State Custodians Self-Employed Flexi Home Loan
- Loan amount. You can borrow from $100,000 up to $2,500,000 with this loan.
- Loan to Value Ratio (LVR). The maximum LVR for this loan is 90% for purchases and 85% for refinancers. A risk fee is payable in place of lenders mortgage insurance (LMI), which varies depending on the LVR.
- Maximum loan term. The maximum loan term for this loan is 40 years.
- Access equity. You can tap into your equity for business or personal use, or consolidate your debt.
- Repayments. Principal and interest payments as well as interest-only payments are available. Weekly, fortnightly and monthly repayments are all acceptable.
- Additional repayments. You can make extra repayments up to an unlimited amount at no extra cost.
- Split your loan. Up to six free splits can be applied to your loan, and you can even use a portion of your loan as a line of credit facility at no extra cost to you.
- Redraw facility. You can access any additional repayments you've made on your home loan using this facility. You also have an unlimited number of free online redraws with this loan.
- 100% offset account. Save on the interest amount payable by keeping funds in your 100% offset account. You’ll get an online loan account, BPAY facilities with free phone banking along with a linked debit MasterCard to your offset account. You can use Westpac ATMs for free, including St.George, BankSA and BoM - though this feature is only available for personal customers and not for loans in the name of a company or trust.
- Top-ups. You are able to increase the amount of your loan post-settlement if needed, although fees and conditions do apply.
Fees and charges
- Account keeping fee, $0. At the moment this loan doesn’t charge any monthly or annual fees.
- Settlement fee, $949. This is payable when you settle your loan with State Custodians. It covers the paperwork and the setup of your account.
- Valuation fee, $286 per valuation. Typically you’ll need to have one valuation done per property as part of the application process.
- Risk fee or LMI, $ Amount varies. This is payable at any LVR.
- Title discharge fee, $300 plus legal fees. This fee is payable when the loan is paid out.
How to apply
If you would like to apply or find out more information about this product, please click on the secure 'Go to Site' links on this page to be taken to the State Custodians' website.
You can start the application now and finish it later, or you can complete it all in one go. After you’ve submitted the application, you’ll receive an instant response once you’ve clicked ‘submit’.
If there are any issues with your loan application State Custodians will get in touch with you to discuss other suitable options for your situation.
- You are required to have held an ABN for a minimum of two years and have GST registration for one year minimum.
- Your application will still be considered if you have unpaid defaults or late payments recorded on your credit history, though conditions apply.
- Online applications are not available for SMSF, business or trust applications
Information to have handy
- Your personal details - these are needed to start your application with State Custodians.
- Your financial details - details of your current assets and liabilities
You can submit your documentation online via email, fax or by mailing it to State Custodians.
How long does it take to be fully approved?
The shortest time it can take to be approved is one week, assuming that you supply all the required documentation in time and that you respond promptly when asked to supply anything extra. A valuer may also need to have a look at the property, and this could take a few days.