Key Features |
|
Choose from the full range of home loan types |
Choose from Unicredit’s range of home loan products: |
Loan term |
Loans are available for a maximum 30 years or for the relevant term for a fixed interest rate. |
Loan amount |
Borrow the amount you require to purchase your property, which could be 100% or more of the purchase price. |
Benefits |
|
Avoid Lender’s Mortgage Insurance1 |
With the Family Equity option, you can avoid paying costly Lender’s Mortgage Insurance, which is required when borrowing greater than 80% of the purchase price. |
You only need a small deposit |
Because an amount of the loan is guaranteed, this means you can borrow up to 100% or more of the purchase price. This means you don’t need a large deposit for your home loan. |
Get into the real estate market sooner |
This in turn enables a borrower with a small or even no deposit to enter the property market sooner than they may otherwise have been able to. |
Limited guarantee |
The guarantee is limited to the portion of the loan in excess of the 80% loan to valuation ratio2. |
Purchase residential or an investment property |
The Family Equity option is available for residential property owners or investors. |
Fees and Charges |
|
Ongoing fees |
Nil – Unicredit do not charge ongoing monthly or annual fees. |
Establishment fees4 |
$200 once only establishment fee |
Loan switching fees |
$175 |
| Nil – minimum redraw amount $1,000. |
|
The high costs of a first property purchase need not prevent you from getting into the real estate market. For those who have a small deposit or even no deposit, a Family Equity Mortgage could help you qualify for lower cost home loan.
With the assistance of a family member, you can avoid the additional cost of Mortgage Insurance 1, and still borrow the amount you require.
When the property increases in value or when the loan is sufficiently paid down, the family security over the deposit amount can easily and inexpensively be released.
Both of you will have to meet certain requirements:
- the borrower must have the ability to meet repayments
- a family member of the borrower must guarantee a portion of the loan
- that family member must support the guarantee by a first or second mortgage over their property 2.
: Download the Family Equity Brochure (182k pdf)
Speak to a Lending Consultant –
- You can speak to a Lending Consultant Monday to Friday, 8.30am to 4.30pm by calling Unicredit on 9389 1011 or email enquiries@unicredit.com.au.
- You can also make an appointment with a Lending Consultant to discuss your loan requirements anytime during office hours.
Mortgage protection insurance5 –
- By taking out loan protection insurance, you are protecting yourself
from an unfortunate change in financial circumstances. Loan repayments
will continue to be met should the borrower/s become involuntarily
unemployed or unable to earn income due to an accident or illness.
- We recommend that you discuss the options available to you when you discuss your loan requirements with your Lending Consultant.
Home and contents insurance -
- Unicredit can provide you with a competitive quote for home and contents insurance.
- You can ask your Lending Consultant for a quote at any time, or indicate on your loan application for a quote to be provided.
Further product information –
Things you should know
All loan applications are subject to Unicredit’s normal lending criteria. Fees and government charges apply, including settlement attendance, valuation fees and stamp duty charges. Please refer to our Fees and Charges Schedule, by clicking on the link below or collecting from any Unicredit branch.
Unicredit strongly advises that you seek independent legal advice to determine if this product is right for you based on consideration of your objectives, financial situation and needs and ensure you have completely examined any risk associated with the Family Equity option.
1 Lender’s Mortgage Insurance is applicable on all loans where the loan to valuation ratio (LVR) is greater than 80%. Unicredit will lend up to 95% LVR on all standard residential properties, however, will only lend up to 60% on some inner-city apartments without a Family Equity Guarantee.
2 Release of guarantor/ guarantor security would generally be provided on the basis that the loan was not in default and revaluation of the remaining security would mean that Lender’s Mortgage Insurance was not required under Unicredit’s credit criteria.
3 Conditions apply. Applicable for Classic Plus standard variable and Smart Start introductory home and investment property products.
4 External fees such as government charges, settlement attendance and valuation fees apply. Please refer to our Fees and Charges Schedule.
5 The mortgage protection insurance product is issued by Swann Insurance (Aust.) Pty. Ltd. (Swann). ABN 80 000 886 680. An IAG Company. You can get a Product Disclosure Statement (PDS) for the product from any office of Swann or its representatives. You should consider the PDS in deciding whether to buy or hold the product.
This is general advice only and does not take into account your individual objectives, financial situation or needs (‘your personal circumstances’). Before using this advice to decide whether to purchase this insurance policy, you should consider the appropriateness of it having regard to your personal circumstances, plus obtain and consider the current Product Disclosure Statement for the insurance policy.
