Thanks for choosing First Federal!
Please read through the following information and our Product Guide to answer the short Accreditation Quiz below.
Our loans are fast, simple and flexible. Here are some key points we want you to know:
- Our application fee for loans under $2M on First Choice and First Freedom loans is $950, and our resi loans don’t have any monthly or redraw fees.
- Our max loan term is 30 years, and interest-only periods are available up to 3 years.
- We can do unlimited cash out on our First Freedom product.
- Our First Choice loan (full doc) has a max loan size of $1.5M and a max LVR of 90%. It has no risk fee, but LMI is payable over 80% LVR.
- Our First Choice Plus loan (full doc near prime) has a max loan size of $2M and a max LVR of 80%. It offers a more flexible approach to credit history.
- Our First Freedom loan (alt doc) has a max loan size of $3M and a max LVR of 80%. It has a risk fee.
- Our First Business loan (no/lo doc) has a max loan size of $5M and a max LVR of 70%. It allows residential and commercial securities.
- Our maximum exposure to any single client is $5M (regardless of product).
- Valuations can be ordered upfront.
- We can do pre-approvals, but we don’t do second mortgages.
- We don't do clawbacks.
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