Short form Description
Private Mortgages (or Private Funds) are sometimes also called Solicitors Mortgages, as Solicitors used to run these funds, before new legislation had been introduced to better regulate these mortgages. Private Mortgages often represent a suitable short term funding solution with minimal fuss and hassles.
|
| Purpose |
unregulated |
unregulated |
unregulated |
|
Loan Term |
1-2 years |
6 - 24 months |
1-6 months |
|
Loan Amount |
$100,000 to $3,500,000 |
$50,000 to $500,000 |
$25,000 to $350,000 |
| Interest rates |
9.25% to 12.25% p.a. |
16.75% to 25.00% p.a. |
2% to 5% per calender month |
Max LVR |
70% |
80% |
80% |
Repayments
|
Interest only |
Interest only |
Interest only |
| Requirement |
1st registered mortgage |
2nd registered mortgage with priority letter from 1st mortgagee |
2nd ranking unregistered mortgage noted on title through a caveat |
| Eligible Security |
Real property zoned residential, commercial, rural or industrial in metro areas of NSW, VIC, SA, WA and QLD |
Real property zoned residential, commercial, rural or industrial in metro areas of NSW, VIC, SA, WA and QLD |
Real property zoned residential, commercial, rural or industrial in metro areas of NSW, VIC and QLD |
| |
NSW, VIC, SA, WA, QLD Metro areas only |
NSW, VIC, SA, WA, QLD Metro areas only |
NSW, QLD, VIC, Metro areas only |
| Serviceability |
no servicing required if interest prepaid. Otherwise borrower must be able to show clear ability to service. |
no servicing required if interest prepaid. Otherwise borrower must be able to show clear ability to service. |
Interest prepaid |
| Exit |
Clear exit strategy to be provided |
Clear exit strategy to be provided |
Clear exit strategy to be provided |
Credit History |
Veda Advantage credit search conducted for purpose of full disclosure only |
Veda Advantage credit search conducted for purpose of full disclosure only |
Veda Advantage credit search conducted for purpose of full disclosure only |
Early repayment fee |
minimum term 12 month |
minimum term 3 month |
minimum term 3 month |
Commitment fee |
$990 |
$990 |
$990 |
Establishment fee |
2.20% inc GST |
2.20% inc GST |
2.20% inc GST |
Valuation fee |
Valuation to be quoted on application |
Legal fees |
Lenders legals estimated at $1,500.00 |
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