Lending Criteria
If you meet the basic Security and Credit Criteria below, chances are we'll be able to approve your loan TODAY!
Security
The loan must be secured by an asset such as a motor vehicle (car, truck, etc) or a house or land. If you don't have the security yourself, a Guarantor may be able to provide it for your loan.
The security we can use and the basic requirements are listed in the table below.
Cars, Trucks & Motor vehicles
Generally all vehicles must have no money owing, be 1996-97 or newer and be roadworthy.
If the vehicle is older than 1996-97, we can consider using it if it's a classic or commercial vehicle. In these cases we usually require proof of value and/or proof of insurance.
If there is money owing on the vehicle, we may be able to use it if part of the loan proceeds are used to pay off the money owing.
House or Land
The amount we lend is determined by what the house is worth and how much is owed to the bank on the mortgage. We ask you for a copy of your latest rates demand, and mortgage balance to help us figure this out.
If you have a recent registered valuation this can also be helpful, but it is not normally required.
Other assets
Other assets such as machinery (excavator, digger) or a life insurance policy with a cash surrender value can also be used.
Guarantor
You may be able to ask a close friend or family member to be your guarantor. A guarantor is someone who provides the above security on your behalf.
Repayments
How much can you afford to repay on a weekly, fortnightly or monthly basis? The repayments must be affordable to YOU.
Repayments can start from as little as $25 or $30 per week, although the repayment amount has to be realistic when taking into consideration the loan amount.
In your loan application, state a realistic amount that can comfortably afford to repay. If the amount you specify is an amount which would mean the term of your loan would be too great, we will contact you to discuss the matter further.
Loan Payments Guide
The following table is a guide showing some example payments for various loan amounts. The maximum term when using a motor vehicle as security is usually 18 or 24 Months. The maximum term when using land can extend beyond 3 years.
| Loan Amount | Example Weekly Repayments | |||
|---|---|---|---|---|
| 12 Months | 18 Months | 24 Months | 36 Months | |
| $500 | $30 (minimum payment) | |||
| $1000 | $35 | - | - | - |
| $2,000 | $58 | $43 | $35 | - |
| $3,000 | $82 | $60 | $49 | - |
| $4,000 | $105 | $77 | $62 | $49 |
| $5,000 | $129 | $93 | $76 | $59 |
| $6,000 | $152 | $110 | $83 | $68 |
| $8,000 | - | $142 | $115 | $88 |
| $10,000 | - | $174 | $140 | $107 |
| $15,000 | - | $249 | $199 | $150 |
Credit History
Credit history is just one of many factors we assess when reviewing a loan application. If you have good credit or a good payment history with us, that goes a long way.
However, we understand that most people go through a bad patch at some stage in their life, and for many this can affect their credit rating. So when looking at adverse credit history, we pay particular attention to how a person dealt with it, how long ago it happened and to what extent it was a problem.
In some cases, we may require a guarantor to provide additional security.
