From the date of the tenancy commencement, the guarantee will commence and will continue for 6 calendar months to the same date in that month. It will not extend beyond this date under any circumstances.
The shortfall we will cover is the difference between the total interest repayment per month (interest charged monthly) vs the rent calculation per month (rent per week divided by 7 multiplied by days in that calendar month)
This will only cover the Interest component of the loan and excludes any principal amounts.
Any interest rate increases by the lender within the 6 month period will not be covered. This will apply to the initial interest rate only.
Any form of refinance in the first 12 months of this agreement completely void the guarantee. IF you refinance within 12 months of the tenancy commencement date, you will be responsible for all costs and additionally if you received any guarantee, you will need to repay the amount received.
If the client does not contribute a minimum deposit of 20% of the property value as determined by the chosen lender, the guarantee is void and will not apply.
This is subject to having a credit check prior to the loan process and if you do not meet a standard determined by the mortgage broker chosen, you will not be able to receive the guarantee and this will be void.
To be eligible in SMSF, you are required to contribute a minimum deposit of 30% of the property value as determined by the lender valuation. This guarantee for SMSF still does not cover any principal repayments and only applies to the interest portion of the loan.
Asset Road reserves the right to choose a mortgage broker on your behalf and if you choose to not use our specified broker, this offer is void. If you choose not to progress with the loan structured by the mortgage broker, this offer is void
Asset Road reserves the right to assign a property manager aswell as approve and decline tenancies. If you choose your own property manager and or tenant, this guarantee offer is void and you will be responsible for all costs.
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