Pre-Approval Terms and Conditions
Being pre-approval indicates you have a high chance of getting a loan. All applications are subject to income, asset, credit history and other details verification as well as lending criteria and lender's final approval.
Upon proceeding with your application, you have agreed and understand that:
- Pre-approval does not guarantee final approval and there is a possibility your application can be declined
- If your application is declined due to privacy issues the Lender/broker has no obligation to disclose the reason.
If you do not agree to these terms please do not apply.
Loan Amount Calculation (General Guide)
Loan amount ultimately approved is determined by a few factors; asset/s value, income, repayment capability, credit history and others.As a general guide, please refer below:
Vehicle security up to 60% of trade in value ($1,000- $5,000)
Property security up to 95% of the valuation ($2,000- $500,000)
Success rate is based on our statistics of pre-approved applicants that has successfully obtained a loan. It is an indication only and does not reflect your desire or approval loan amount.
After pre-approval, a full application form must be completed by all applicants and supporting documents including income, asset and photo identification must be provided in order for final assessment to be carried out.Other Situations
In some cases joint application may be required; it is often due to the following reasons:
- Unacceptable credit record
- Inappropriate estimation of vehicle / property value
- Insufficient disposable income (For example: less than $1,200 income a fortnight or on Newstart/ Youth Allowance/AUS study; expense is higher than income)
No Credit Check for Pre-ApprovalThere is NO credit check for pre-approval. Credit history check is usually done during final assessment when you decide to proceed after pre-approval.
Special Conditions for NSW/ACT applicant/s
Due to changes in the current legislation, only loans for predominate business purpose are available to NSW/ACT applicant/s.
We/other parties may retain the information submitted for assessment and other purposes. From time to time information, our products and services may be forwarded to you by telephone, mail or electronic mail. If you do not find information useful, simply inform us by email or ?click unsubscribe? when you receive the email.
Upon submission, you are deemed to have read and agreed to the terms and conditions.