 |
|
|
|
|
|
|
|
What constitutes a commercial loan?
|
A commercial Loan is a Loan used for any worthwhile business purpose and can be to meet short-term cash flow using an overdraft, or longer-term loans for the acquisition of business assets.
Loans are secured by residential, investment, commercial or rural properties. Loans are available to individuals, partnerships, companies and discretionary trusts. In this event that the mortgagor is a company or trust, the principals and adult beneficiaries are asked to provide personal guarantees as part of the mortgage documentation.
|
How quickly can a loan be approved?
|
Approval is usually granted within 3 days after you have provided all appropriate information:
|
Required documentation
|
(Please ensure file are presented in this order)
|
- Completed Non-Securitisable Loan Summary
|
- Completed STL Loan Application Form
|
- Copy of Title and/or current rate notice
|
|
- Evidence of current rental income
|
- Evidence of genuine savings and/or proof of equity for loans where the purpose is to purchase.
|
- Last 12 months transaction statements for all loans to be refinanced.
|
|
- CRAA Report for all parties
|
- Copy of Contact of Sale – For all facilities where the purpose is to purchase.
|
|
> back to top
|
Lending Profile
|
Fees
|
|
|
Term
|
|
|
Repayments
|
Interest Only or Principal & Interest
|
Loan to Valuation Ratios
|
Residential (95% with Mortgage Insurance)
|
| | Commercial (Non specialised security)
|
| | | | | |
|
|
Guarantees
|
Joint and several guarantees of directors and beneficiaries of Trusts (Company Lending).
|
Income Requirements
|
Copies of current signed and dated “Lease Agreements” if the properties are tenanted.
Each proposal will be assessed individually. Capacity to service interest must be demonstrated beyond doubt.
Last 3 years financial returns must be provided for the borrower and all associated parties (Guarantors etc.)
|
Note: For owner-occupiers interim financials together with cashflow budgets should also be provided.
|
Asset Verification
|
Signed, dated and current Asset and Liability Statements required for all parties (Borrowers and Guarantors).
Balance Sheets for all Company entities including associated companies who are co-borrowers or guarantors.
|
Re-finance
|
Statements confirming the balance and conduct of any loans being refinanced over the previous 12 month period (minimum).
|
Titles
|
First registered Freehold Mortgages only. Torrens Title, Strata Title or Common Law Title (subject to conversion to Torrens Title).
|
> back to top
|
Eligible and Ineligible Securities
|
Eligible
|
First registered mortgages over residential, commercial, light industrial, rural properties or motels (minimum of twelve (12) units).
Eligible securities must be located within capital cities of Australia, metropolitan areas or major regional centres.
|
Ineligible
|
Please note: The below is only a guideline.
|
|
|
|
|
|
|
|
|
|
|
- Buildings under construction
|
|
|
|
|
|
|
|
|
- Any specialised property in general
|
- Properties in which the value is determined by the validity of the business carried out at those premises
|
- Any property whose value is significantly dependent on the value of fixtures, fittings, plant and equipment
|
|
Contact Information
|
For more information please contact:
|
Heidi Schwind
Senior Lending Specialist
Phone: (03) 8635 2823
Fax: (03) 8635 2850
Email: hschwind@bigsky.net.au
|
|
> back to top
|
Related information
|
Home Lending
|
Personal Lending
|
Overdraft
|
Car Lending
|
