- Better rates
- Faster funding
- Less documentation required
- Easier access to equity
- Cash out options available
- Extended loan terms (to a maximum of 359 months)
- 100% Offset
To qualify for Granite’s commercial property easy refinance loan package, the Granite commercial property interest rate and principal and interest repayments should be lower than your client’s current commercial property loan interest rate and principal and interest repayments.
Package Features
- 100% Offset account
- Ability to extend loan terms for eligible borrowers
- Up to 359 months loan term (Principal and interest)
- Up to 60 months loan term (Interest Only)
- $ for $ Refinance + costs + cash out if eligible
- Unlimited extra repayments
Cash out allowed where new monthly repayment will be less than current repayment commitments for eligible borrowers- Max 10% of the security value available in redraw (not advanced at settlement – available as redraw as a post settlement)
Easy Refinance Eligibility Criteria
(Product Requirements)
- New interest rate must be lower than current rate
- 12 months good conduct – verified through loan statements
- New P&I repayments must be lower than current P&I repayments
- LVR should be <=80% (inclusive of cashout, fees & charges)
- Clear Credit History
- 650 Minimum Credit Score
- Metro and non-metro property location (minimum 50,000 population)
Full features
SME Commercial 80% LVR
Ownership Structure
- Company
- Trust
- Individual (for Owner Occupied only)
Loan Purpose
- Re-finance of either owner occupied or investment of commercial properties
Accepted Property Types
- Commercial Investment, or
- Commercial Owner Occupied
Excluded Property Types
- Commercial property held in an SMSF
- Construction
- New commercial property purchase
Acceptable Security
Refer to the list below
Borrower Type
- Personal or joint ownership (Owner Occupied Commercial Property)
- Joint
- Company
- Self-employed
- Trusts (Discretionary Family Trust or Unit Trust)
Minimum Loan Amount
$150,000
Maximum Loan Amount
Metro: $3,000,000 to 80%
Inner City / Non-Metro: $3,000,000 to 70%, $2,000,000 to 80%
Maximum LVR for Inner-City, High Density, High-Risk and Non-Metro postcode properties is 80%
Maximum LVR for Interest only commercial loans is 75%
Maximum LVR
- 80% for P&I
- 75% for I/O
- Maximum LVRs include fees, cash out and charges
- Maximum LVR for Inner-City, High Density, High-Risk and Non-Metro postcode properties is 80%
Acceptable Locations
All metro and non-metro property location (minimum 50,000 population)
Refer postcode matrix for further details
NDIS Securities
- Maximum LVR 80% (postcode restrictions apply)
- Maximum loan term 300 months
- No I/O allowed
- Must be tenanted – Income is to be verified via EXISTING tenancies only
Loan Term
- Up to 359 months (P&I)
- Up to 60 months (Interest only)
Repayment Type
- Principal & interest (P&I)
- Interest only (IO
Repayment Frequency Options
- P&I – Weekly/Fortnightly/Monthly
- IO – Monthly
Cash out and extending loan term eligibility criteria
- Confirmation existing repayment obligations have been met over a minimum of 12 months (no loan repayment greater than 15 days in arrears);
- Confirmation that there are no indications of any financial deterioration;
- Credit Reports, for parties on the loan- evidence the parties can meet their existing loan commitments; and
- Refinance expenses and cash out amount must be lower than 10% of security value;
- For applications with cash out, verified income (net borrower income plus gross rental income) must cover the new loan P&I repayment.
- No cash out on I/O loans
Income Document requirements. (Full income docs required for servicing & cash out eligibility)
Individual
- Two most recent consecutive payslips;
OR - Employer letter; and
- Three months of bank statements showing salary credits.
Self-employed: (required if the applicant is self-employed and the application is non-SMSF)
For Sole Traders: Provide one of the following:
- Personal Bank Statements showing 6 months of salary/dividend credits.
OR - Latest personal tax returns; and
- Latest company tax returns
OR - Latest business or personal tax assessment notice confirming tax return status
For Partnerships: Provide one of the following:
- Personal Bank Statements showing 6 months’ salary/dividend credits.
OR - Latest personal tax returns; and
- Latest company tax returns
OR - Latest business or personal tax assessment notice confirming tax return status
For Companies: Provide one of the following:
- Latest company bank statements/financials showing turnover/trading history
OR - Latest company/business tax returns
OR - Latest Tax Assessment Notice confirming tax return status
For Trusts: Provide one of the following:
- Latest trust statements/financials showing turnover/trading history
OR - Latest company/business tax returns
OR - Latest Tax Assessment Notice confirming tax return status
Property documentation
- Three months rental statements
- Twelve months bank statements
- Signed Lease Agreement
- Valuation report
- Valuation invoice
- Title search – Required if a property is unencumbered.
- Rates Notice – Required if a property noted on an application is flagged for use as security.
Acceptable Security
Standard Commercial Properties are properties that are used for business purposes. This includes owner occupier, leased from related entity and tenanted properties
Acceptable property types
- Strata Offices & Showrooms (minimum area 30 m2)
- Retail outlets (e.g. shops, restaurants)
- Industrial Units/Factories (minimum area 30 m2)
- Industrial Warehouses
- Mixed Residential & Commercial Use
- Residential Properties (≥ 4 or more on one title)
- NDIS Properties (≥ 4 or more participants)
- Co-Living Properties (≥ 7 bedrooms)
- Industrial Workshops
- Medical/Dental Suites
- Childcare Centres
- Serviced Apartments
- Boarding Houses
- Student Accommodation
- Strata Retirement Units
- Function Halls
- Lifestyle Farms
Unacceptable property types
- Abattoirs
- Breweries
- Brickworks
- Brothels
- Hotels and pubs
- Marinas
- Motels
- Hospitals
- Schools
- Quarries & mines
- Gasworks
- Sawmills
- Swimming Pools
- Caravan Parks
- Churches / Places of worship
- Rural Acre > 25 hectares
- Vineyards / Wineries
- Stables
- Farms
- Clubs
- Golf Courses
- Sporting Centres
- Theatres / Cinemas
- Theme Parks
- Gaming Centres
- Recording/Film studios
- Foundries
- Funeral Parlours
- Tanneries
- Petrol Stations