What’s the difference between a loan arranged by BC Securities (from an Australian Bank) and a loan provided by BC Securities directly?
A loan arranged by BC Securities from an Australian Bank will generally provide you with a significantly more competitive loan than what you could otherwise negotiate yourself. Once we have secured your indicative approval the lender will take responsibility for the verification and documentation process (we will assist them with this process).
A loan provided directly by BC Securities is a solution we offer if we determine that you won’t qualify for a loan from one of our panel lenders. The main difference is that we take direct responsibility for the credit assessment, verification, valuation and documentation processes.
The advantage of this is:
- We can generally advise you if you qualify for our loan in 24-48 hours; and
- We take full responsibility for our own process.
What happens if I take a loan from BC Securities directly but the Australian Banks change their policies and start lending again?
A standard loan from BC Securities has no exit fees. If the market or your circumstances change and you become eligible for a better product we will help you switch. Your business is important to us and we want to keep you as a client.
How much can I borrow?
The amount is dependent on serviceability, the valuation of the property being purchased and the development. Subject to assessment we will lend up to 70% LVR.
Subject to terms and conditions, including those above and that are contained in the following product summaries, BC Securities will lend from a minimum amount of $100,000 up to a maximum amount of $900,000.
What is “LVR”?
LVR is a term that stands for “Loan to Value Ratio”. It is the proportion of money you borrow compared to the value of the property. It is the lesser of the purchase price + the independent valuation.