How Long and How Much - (Solicitor's Funds)

How Long?
Approvals are often same day as there are no tests or analysis to be undertaken and whilst loans can be settled in as little as five (5) days the usual timing is:

First week - application, approval & valuation,

Second week - title searches, mortgage documentation,

Third or fourth week - settlement.

Documentation
Private lenders use their states standard Law Institute mortgage documentation as used by banks and building societies etc. and these are always sent to your solicitor for checking prior to you signing.

Fees
Currently these include government transaction taxes (0.0006% of the loan advance), titles office fees (currently  $75.00 per dealing - which includes GST), stamp duty - if applicable (stamp duty if re-financing a business loan is no longer payable) together with the usual valuation (at cost), establishment (usually between 0.5% and 1% of the loan advance plus GST), brokerage fees (usually 1% plus GST) and scale legal fees, all of which are listed in a written quotation provided to you upon request - just fax or email the Loan Inquiry Form for a full written indicative offer/quotation which includes: confirmation of amount, rate and term, applicable fees, application forms and a procedure page outlining steps to settlement or call 1300 131 876 to discuss your requirements.

* Please note GST applies to all legal, valuation, brokerage and Government fees

Up-front Fees
Establishment fees are only paid if the loan settles and the only fees required prior to settlement are usually (but not always) application/approval fee (required with the application but fully refunded if the loan is not approved - these vary depending upon the lender and amount intended to be borrowed) and some monies paid to the investor's solicitor to cover the cost of valuing your security (property) and sometimes part legal costs (these are usually by way of a 'deposit' against the mortgage/security documentation - all other costs are deducted at settlement - a full listing of which is sent with mortgage documents to your solicitor for checking.

Approval procedure
As long as you do not want an advance that exceeds the Law Institute limit of 2/3rds of valuation your 1st mortgage loan is virtually approved already!* As the loans are security based and not serviceability, suitability or credibility based (like banks & building societies) there are very limited ' tests' you must pass - basically we just need to make sure of the properties worth, check the title and make sure you have adequate fire insurance - that's about it! Please note that we cannot advance monies to undischarged bankrupts and as a rule defaults and judgments listed on your credit record must be discharged either before or at settlement.

* Terms and Conditions apply to all loans.