Commercial Easy Refinance Graphic

Commercial Easy Refinance

  • 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

  1. Strata Offices & Showrooms (minimum area 30 m2)
  2. Retail outlets (e.g. shops, restaurants)
  3. Industrial Units/Factories (minimum area 30 m2)
  4. Industrial Warehouses
  5. Mixed Residential & Commercial Use
  6. Residential Properties (≥ 4 or more on one title)
  7. NDIS Properties (≥ 4 or more participants)
  8. Co-Living Properties (≥ 7 bedrooms)
  9. Industrial Workshops
  10. Medical/Dental Suites
  11. Childcare Centres
  12. Serviced Apartments
  13. Boarding Houses
  14. Student Accommodation
  15. Strata Retirement Units
  16. Function Halls
  17. Lifestyle Farms

Unacceptable property types

  1. Abattoirs
  2. Breweries
  3. Brickworks
  4. Brothels
  5. Hotels and pubs
  6. Marinas
  7. Motels
  8. Hospitals
  9. Schools
  10. Quarries & mines
  11. Gasworks
  12. Sawmills
  13. Swimming Pools
  14. Caravan Parks
  15. Churches / Places of worship
  16. Rural Acre > 25 hectares
  1. Vineyards / Wineries
  2. Stables
  3. Farms
  4. Clubs
  5. Golf Courses
  6. Sporting Centres
  7. Theatres / Cinemas
  8. Theme Parks
  9. Gaming Centres
  10. Recording/Film studios
  11. Foundries
  12. Funeral Parlours
  13. Tanneries
  14. Petrol Stations