- Metropolitan Areas
- 70% Loan to Value Ratio (LVR)
- 1.50% Application fee
- Maximum 3 year term, Interest Only
- Settlement fees $250 + Title Insurance
- Valuation fee from $302.50
- Lenders legal fees from $324.50 + out of pocket expenses
- Monthly account keeping fee $15.00
- Application assessed by Foreign Investment Review Board
- Royal Capital charge an administration fee assessed upon application for foreign investment lending.
The countries Royal Capital cannot accept are at this website:
Royal Capital cannot currently accept overseas income on construction loans.
We will take 90% of the exchange rate in servicing (calculated on day of submission at the current rate)
|Royal Capital requires the appointment of an acceptable Australian based agent to act on the borrowers’ behalf. A clear certified copy of the agent’s identification documents is required to be provided.||All loans (unless already on file at approval)|
|Royal Capital requires scheduled repayments to this loan to be direct debited from an Australian bank account.||All loans|
|Applicant to obtain a current copy of their credit history report from their resident country.||All loans|
|Clients and parties involved is to obtain independent legal advice regarding this transaction.||All loans. Please note that if the loan documentation is being signed by Power of Attorney, it is the attorney that required independent legal advice and not the borrower.|
|Receipt of Foreign Investment Review Board approval prior to settlement.||If FIRB approval not held at loan approval.|
|Royal Capital requires evidence of sufficient funds held to complete this transaction being held in an Australian bank account.||Only if not already held on file at approval|
|Receipt of translator certificate for clients and parties involved confirming they have read and understood the transaction documents.||Where the borrower does not clearly understand English. This is generally assumed in countries where English is not the primary language used (i.e. – China, Malaysia etc.).|
|Royal Capital to obtain written authority from borrower’s bank allowing Royal Capital to confirm account balance with local branch.||To be used when salary credits are used and the bank is a major bank with Australian arm.|
|Royal Capital requires receipt of copies of the identification documents provided certified by an appropriate person.||Where Anti-Money Laundering requirements are not complete at approval of the loan.|
|Appointment of an agent||All loans|
|Applicant to obtain a credit report from their country of origin||All loans|
Documents must be signed at the consulate, Royal Capital have not been advised of any changes – this can still be done at the consulate.
If this is no longer the case, applicant to send some kind of confirmation.
If this isn’t possible documents can be signed and an Australian qualified solicitor operating overseas – however Royal Capital will need to Vet and OK the solicitor prior to signing.
In regards to bank accounts the applicants may need to look at opening an account with a bank that has an Australian arm, i.e. ING, HSBC Bank of China.
Legal advice is not part of the documents – evidence of advice needs to be provided separately.
Suggested the applicant organise an Austrian solicitor to offer the advice and provided the conveyancing services.
Construction is not an option at this time – Royal Capital cannot offer funding until the building is completed. Although can offer funding for House and Land Packages in Metropolitan areas, as long as they are turnkey.
Commercial premises can still go up to 5 year loan terms
For self-employed applicants, Royal Capital needs to see
– 2 years tax returns, financial and Notice of assessment equivalents.
– Non-resident borrower repayment declaration
– Non-resident Accountants letter
– 3 months trading statements
For (Pay as you Go) PAYG applicants, Royal Capital needs to see
– 3 months consecutive bank statements
– 3 consecutive payslips
– Employment letter
*All rates, fees and charges are indicative and subject to change.