Advantage Plus Go-Between Loan
 Our Advantage Plus Go-Between loan offers you an easy way to purchase or build a new home before you sell your existing one.
Rather than needing to make two sets of loan repayments while you are selling your existing home, no repayments are required on the new home loan for the Go-Between period.
The length of your Go-Between period depends on whether you are buying or building your new home.
Buying an established home?
 |
A new loan is established to purchase the new home |
|
You continue to make repayments on your existing loan (optional for 6 months) |
|
In the meantime, interest is charged to your new home loan account as normal. You do not need to make any repayment on that loan for 6 months, or until you sell your existing property, whichever occurs first
|
Building a new home?
|
A new loan is established to purchase the land (if required) and to cover the cost of construction |
|
You continue to make repayments on your existing loan |
|
In the meantime, interest is charged to your new home loan account as normal. You do not need to make any repayments on that loan for 12 months, or until you sell your existing property, whichever occurs first.
|
What if I have a loan with another lender?
There is no need to go through the hassle of moving your existing home loan to us during the Go-Between period.
We will set up the new home loan for you, and register a second mortgage behind your current lender on your existing home.
Throughout the Go-Between period interest will be charged to the new home loan (with us) and you will continue to make repayments on your existing home loan (through another lender).
What happens when my existing home is sold?
Once your existing home is sold, you must first use the funds to pay out your existing home loan, then you must pay sufficient funds into your new loan, so that the loan reduces to the amount specified in your Go-Between loan contract. In case of a construction, we will advise you if any of your surplus funds will need to be put towards the construction cost, before any further funds are provided by us.
Rest assured this will never be more than you agreed to at the start of the Go-Between period.
What if I don’t sell my existing home?
Once the Go-Between period ends and the existing home has not been sold, you will need to start making repayments on the new home loan in addition to the repayments you have been making on the existing home loan.
Product Features at a Glance
Minimum Loan Amount
|
$50,000 |
Maximum Loan Amount
|
$5,000,000 |
| Maximum LVR |
100% On the value of your new home plus any association fees & charges. As long as your combined loans do not exceed 85% (0r 80% for lo doc loans) of the combined value of both your new and existing properties.
|
| Loan Terms up to |
30 years
|
| Interest Only up to |
10 years
|
Fixed Rate options for up to
|
5 years
|
Split Loans Available after the go-between period
|
 |
No ongoing Fees & Charges
|
|
Online & Telephone Account Management System
|
|
Direct Debit
|
|
Direct Salary Crediting
|
|
Monthly Loan Statements if combined with an Offset Account
|
|
Ability to switch between variable and fixed intereset rates
(fee applies)
|
|
Unrestricted Additional Repayments
(Fixed Rate - term portion max. $20,000 p.a. above normal repayments without break cost penalty).
|
Unlimited excess repayments can be paid into the offset account without penalty even when fixed. |
Loan is portable to another security property
|
|
|
Home
About Austral
Our Products
Austral Deposit Bonds
Today's Rates
MORTGAGE CALCULATOR
News
Ask Vicky Q&A
MY CHOICE BROKING
FAQ's & Case Studies
Useful Links
Contact Us
