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Mortgage Loans > Commercial Loans |
Commercial Loans
Who can apply?
Sandhurst Commercial Loans are available to individuals, partnerships, companies and discretionary trusts.
What about interest rates and repayments?
Interest charged by Sandhurst Trustees compares favourably with rates charged by other lenders throughout Australia. Sandhurst offers borrowers the choice of Interest Only Loans, Principal and Interest Loans, a Line of Credit facility or a combination of all three.
Interest rates for these loans may be variable, fixed for periods of 1 to 5 years or a combination of both. At the end of a fixed rate period borrowers may select a further fixed rate term, or convert to the variable rate.
How quickly can a loan be approved?
Approval is usually granted within 48 hours of all appropriate information being provided.
What fees are charged?
Setup Fees
The
Borrower
pays:-
- all fees involved in the preparation and registration of the mortgage security documents
- the valuation fee
- a commitment/application fee is payable once the loan has been approved and the offer accepted by the borrower. This confirms the applicant's acceptance of the loan.
Fees after settlement
No ongoing fees (where loan contract is complied with and is not varied).
PRODUCT PROFILE
| 1. |
Interest Rates |
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| Variable Rates |
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| Standard Variable |
8.05% |
| Line of Credit Variable |
8.30% |
| Effective 10/03/2010
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| Fixed Rates (N/A for Line of Credit) |
| Fixed One Year |
7.85% |
| Fixed Two Years |
8.50% |
| Fixed Three Years |
8.80% |
| Fixed Four Years |
8.95% |
| Fixed Five Years |
9.05% |
| Effective 4/11/2009 |
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Published fixed rates apply for loans up to $1,500,000. Fixed rates for loans in excess of this amount are subject to negotiation. |
| 2. |
Fees |
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Valuation
Solicitors fees
Commitment/Application fee |
by negotiation
by negotiation
0.5% of loan amount |
| 3. |
Term |
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Interest Only
Principal & Interest
Line of Credit |
1-7 years
Up to 20 years
Subject to annual review |
| 4. |
Repayments |
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Monthly |
| 5. |
Loan Amount |
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Minimum
Maximum |
$100,000
no set maximum |
| 6. |
Maximum Loan to Valuation Ratios |
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Commercial |
65% |
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Commercial (Specialised security) |
50% |
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Industrial |
55% |
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Rural |
40% |
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Residential |
65% |
| 7. |
Redraw Facility |
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Principal & Interest Loans Only
Minimum amount
Redraw Fee
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$5000
$50
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Line of Credit
Minimum amount
Redraw Fee
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$2000
3 free* Redraws per month
*4th and subsequent Redraws per month - $5 per redraw
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| 8. |
Guarantees |
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Joint and several guarantees of directors and beneficiaries
of Trusts (Company Lending). |
| 9. |
Required Documentation |
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- STL Commercial Credit Application and Loan Summary
- Copy of Title and/or copy of Contract of Sale - For facilities where the purpose is to purchase
- Evidence of genuine savings and/or proof of equity for loans where the purpose is to purchase
- Transaction statements (for the past 12 months) for all loans to be refinanced
- Proof of identity documentation (drivers licence, birth certificate etc)
- Satisfactory CRAA Report for all parties
- Copies of current signed and dated "Lease Agreements" if the properties are leased
- Last 3 years financial returns must be provided for the borrower and all associated parties (Guarantors etc)
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| 10. |
Security |
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First Registered Freehold Mortgage over Torrens or Strata Title. |
Eligible and Ineligible Securities
Eligible
Commercial, industrial, residential, and rural properties.
Ineligible
- Fun Parks
- Hospitals
- Log Cabins
- Private Clubs
- Sporting Centres
- Theatres & Cinemas
- Transportable Homes
- Buildings under construction
- 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
- Securities located in remote or low density population areas may not be considered
For further details please contact us or
call: 1800 803 173.
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*The rate displayed is applicable as at 10/03/2010. The rate of return payable on Investments in the Fund will generally move in line with market conditions and money market rates, however there is no guarantee of the actual rate of return payable to investors.
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