Frequently Asked Questions
1Am I eligible for a business loan?
There are a few criteria you need to meet. You must be a Pty Ltd business with an ABN that has been in business for 2+ years; you should have a clear credit history, and can provide us with an up-to-date Profit and Loss statement, latest tax returns and a letter from your Accountant confirming that the funds are for business use. And of course, you need a property with sufficient equity available for security.
2How do I apply?
It’s easy, simply pick up the phone and ring us, or fill in the form on the website.
3How much can I borrow?
The equity in your property is primary in determining the amount of funds we can lend. Lending starts from $50,000 and can go into the millions.
4How fast can the funds arrive?
As soon as you get all the required paperwork to us, we can process it. It usually takes 1 week, however we can fast track the process in 48 hours if it’s urgent. The sooner you get us the required information, the faster you’ll get your money.
5What’s the length of the loan?
We find that most customers come to us for a short-term solution to a particular funding problem (usually 3-12 months), and then look for longer term options as needed.
6What’s the interest rate?
Interest rates typically start at 12% – 15% per annum on 1st mortgages. 2nd mortgages and caveat loans usually start from 2% - 3% per month.
7How much property equity is required?
We typically lend up to 70% of the value of the property for metro area property (70% LVR). LVR’s are usually lower for rural areas.
8Do I have to be in a big city?
While most of our lending occurs in the large metro areas, we will happily lend in other areas as well. However, Loan to Value Ratio’s will likely be lower for rural areas than for metro.
9Can I use a commercial property or land instead of residential?
We will lend on residential and commercial properties, including land, so long as there is sufficient equity available.
10Does it have to be my own property to be used as security for the loan – can I use a family or business partners property instead?
The property can belong to a family member or business partner; they will need to be involved in the loan process.
11Do you only do mortgages?
We do mortgages and caveat loans. If your property has no current mortgage we would do a 1st mortgage, or if you have a current mortgage, we would most likely lend a 2nd mortgage. However in some cases a caveat loan might be more applicable to your situation.