|
Purpose
|
When
a Commercial Property is being purchased, offered as security or for
construction finance.
|
|
Loan
Amount
|
Minimum - $ 50,000.00
- Maximum $20,000,000-.
(For rate to be
apply on higher amounts, please contact our office).
|
|
Security
|
First
registered mortgage over Commercial Property.
|
|
Term
|
Maximum
15 years. (20 years will be considered based on application).
|
|
Interest
Rate
|
9.85% variable for
purchase properties.
10.85%
variable for construction finance (reverts to normal rate on
completion).
|
|
Interest
Only
|
Yes.
You can switch to Interest Only at any time during the course
of the loan.
|
|
Repayments
|
Your
Choice of weekly, fortnightly or monthly repayments, additional
repayments and bulk reductions are accepted at anytime without penalty.
|
|
Loan
to Value Ratio
|
Maximum 75%. (consideration will be
given up to 80%, however this would depend on borrowers
overall asset and income position).
|
|
Valuation
Cost
|
Paid
by Borrower.
|
|
Application
Fee
|
Negotiable down from
.50% of loan amount.
(Depending on risk and asset base of application).
|
|
Administration
Fee
|
Nil.
No ongoing account fees are applicable.
|
|
Government
and Legal Costs
|
For
Borrowers care.
|
|
Split
Facility
|
Yes.
Loans can be fixed or variable, or split between the two.
|
|
Early
Repayment Penalty
|
Not
Applicable. (Standard discharge fee applies to release security).
|
|
Portability
|
Yes.
Loan may be moved to another commercial property subject to valuation
and acceptability of security to the Bank.
|
|
Details
of current Terms and Conditions are available on application and
are subject to change without notice prior to approval
|
| |
|
