OURLOANS
We provide first mortgage finance secured over residential property for terms of up to 3 years.
GENERALFINANCELOANS
We have an experienced team of mortgage lenders who specialise in situational loans. This may be clients who are unable to obtain bank funding for various reasons or who simply want a loan quickly without having to go through a drawn out application process with a bank.
We lend on residential property including vacant land and lifestyle blocks in all New Zealand locations close to population centres.
Who we lend to
We lend to all types of borrowers including Individuals, Trusts, Partnerships, and Companies.
We lend for any legitimate purpose including:
- Home renovations and improvements
- Debt consolidation to enable you to reduce your monthly repayments
- Tax arrears
- Business working capital
- Bridging finance eg buying a new home before the current one sells
- Purchasing a property where the bank has declined to assist.
- Residual Stock loans for developers requiring bridging from construction/development funding after CCC and titles are issued
- Low Doc loan applications up to 65% LVR
- Construction or development projects – This may be for the construction of a house, unit, multi unit developments, or the subdivision of land. Typically these loans are advanced by way of progressive drawdown so that funds are made available to meet building costs as the project is completed and as the value of the project increases. These loans are available to clients building their own home, builders, and developers.
When else we may lend
We may provide finance in the following situations if the assets are available:
- Impaired credit history or in default with current lender
- No financials or can’t prove income or ability to service a loan
- Unable to pay interest – we can capitalise interest
Interest payments
Our loans usually require payment of interest only. We can also capitalise interest on loans if you do not have the cash flow to be able to pay the interest. A General Finance loan can help you to establish a good payment history so that you can refinance through a bank, or provide you with time to sell your property at a time convenient to you.
Loan to value ratio
We lend up to 69% of the value of the property for first mortgages. The percentage we lend up to depends on the asset, the borrower, the servicing ability and other factors. Other benefits of a General Finance loan:
- Loan terms of up to 3 years with rollover options are available
- Application requirements are less than a bank
- Fast response times : indicative approval within 1 day, loan offer within 2 days
- Loan documentation is completed by the client’s lawyer – legal costs are lower and completion times are faster.
Loan Interest Rates, Fees & Terms
General Finance does not provide loans that are subject to the Consumer Credit Contracts and Finance Act
Rates
Interest Rate
(where a first mortgage residential security is taken)
from 6.99% p.a.
Annual Default Interest Rate
(where a first mortgage residential security is taken)
8% p.a. - 12% p.a.
Fees
Establishment Fee
(payable on loan establishment)
call +64 (9) 526 5000
Other Fees
call +64 (9) 526 5000
Prepayment Cost
The lesser of interest for 1 month or the remaining term of the loan
– Payable on early prepayment to reimburse us for the minimum reasonable estimate of our loss arising from the prepayment
– We may consider charging a lower fixed early repayment fee for residual stock loans per sold security