Mortgage insurance covers the lender in the unlikely event that you default on your loan. It does not cover you, the borrower.

Your Lending Manager will advise you if you require mortgage insurance and the costs involved. We may be able to structure your loan to avoid, or minimise the need for mortgage insurance.

A comparison rate reveals the cost of a loan, allowing you to compare ‘apples with apples’ when choosing a loan. The comparison rate takes into consideration the costs associated with setting up a loan, including the interest rate, the loan approval fee and any other up front or ongoing fees. It excludes government fees and charges, because they are standard across all loans.

The comparison rate can be compared against the rates of other loans and loans with other lenders. It is also important to consider the features of a loan rather than just the interest rate when comparing loans. No monthly fee, repayment flexibility and money saving features such as 100% mortgage offset, can make a huge difference to the final cost of a loan.

This is the amount you need to borrow, calculated as a percentage of the property’s value, as assessed by the lender.

So, if the property you want to purchase is valued at $500,000, and you need to borrow $400,000 to pay for it, the loan is 80% of the property value, making your LVR 80%.

LVR is important because different lenders and loan types have different maximum LVRs.

A TMD is a document which describes:

• Who a product is appropriate for (the target market),
• Any conditions around how this product can be distributed to customers, and
• When this will be reviewed and the record keeping and reporting obligations.

We are required to have Target Market Determinations under the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019.

This is to make sure we’re keeping customers at the center of our approach to the design and distribution of our financial products.

Please note that a TMD is not intended to provide financial advice. When making a decision about a product always make sure you refer to the Terms and Conditions and any supplementary document(s). These will outline the relevant terms and conditions being provided under that product.

• Prime Home Loans (Variable Rate) / Prime Home Loan (Fixed Rate)
• Alt Doc & Alt Doc Flex (Variable Rate) / Alt Doc & Alt Doc Flex (Fixed Rate)
• Near Prime (Variable Rate)
• Specialist & Specialist Plus (Variable Rate)
• Sharia Finance Facility (Variable Rate)
• MP Expat Super Saver (Variable Rate) /  MP Expat Super Saver (Fixed Rate)
• MP Freedom & Non-Resident (Variable Rate) / MP Freedom & Non-Resident (Fixed Rate)

To view or download the TMDs, please right-click the link and select 'Open in New Tab' to view or 'Save Link As' to download.

At times Mortgageport may offer products provided by another financial institution. Copies of the TMD’s for these products are available from the provider or on request.