CAVEAT LOAN GUIDELINES

 

KEY DEATILS

  • The Maximum amount for unsecured loans is $14,999.99, however security is always preferred at any amount and will also be dependent on the asset being financed.

  • Loans from $15,000 to $34,999.99 will be secured by caveat against real estate security.

  • Maximum LVR incorporating the personal loan and your mortgage is 90%

  • No Deposit Required.

  • Allow redraws (subject to credit and performance).

  • No Early Payout Penalty Fees.

  • Repayment can be paid weekly, fortnightly or monthly (contract is on monthly rests so minimum repayment amounts apply).

  • Interest is charged only on the reducing balance of the account.

  • The loan will be settled once we receive the signed Personal Loan contract and the first repayment is due in 30 days, however no funds are released without the approval and a courtesy call being made to the applicants prior to the lender releasing funds.

  • Documents, lending and processes in line with NCCP legislation.

 

APPLICATION PROCESS

  • One page application.

  • Collate all necessary supporting documentation.

  • Submit to lender.

  • Approval within 24 hours of supply of completed application and supporting documents.

  • Settlement within 72 hours of Approval.

  • Money is funded directly into applicants’ account and not 3rd party account.

 

OVERVIEW OF LENDING GUIDELINES

  • Applicants must be over 18 & under 75.

  • Applicants must be Permanent Resident / Citizen of Australia.

  • Applicants must have a minimum credit history of 12 months in Australia.

  • On all applications proof of residency, ID and income must be provided prior to settlement

  • Applicants that own real estate must produce a copy of their Council Rates Notice.

  • At all times the lender reserves the right to request additional information & decline any application even if it fits the credit matrix.

 

Common documents for proof of Residency

This can include, mortgages statement, tenancy agreement, a contact number and contact of real estate agent, or a utilities bill. In certain states we can do certificates of title.

 

 

Standard Employment Requirements

  • Two recent pay slips, one no more than 30 days old. Each pay slip requires that the employers name and their ABN be shown.

  • If pay slips are unavailable, employees should provide either a letter from their employer on letterhead stating annual salary, tenure of employment, dated and signed with the employers address, ABN and landline contact details.

  • For self employed customers, we will require certified copies of most recently lodged Tax returns and Accountants contact details for confirmation purposes. For people Self employed longer than 3 years the Declaration of Financial Position can be used.

 

Not Acceptable Proof of Income

  • Generic Pay Envelopes and invoice are not acceptable; they do not provide sufficient information regarding the applicant’s employment and income.

  • In most cases hand written letters from an employer provide very little information regarding the applicant’s employment. We will only accept a typed letter that provides all information required to satisfy our compliance requirements.