For borrowers

GPMC offers interest only loans for terms of up to three years secured against registered first mortgage over residential, commercial, and industrial property.

What are suitable loan purposes?

Suitability is dependent on a broad range of criteria and the purpose of the loan.
Loans are made available to Borrowers who are:

seeking finance for personal, domestic or household purposes or for residential investment where the provision of such finance is regulated by the National Consumer Credit Protection Act 2009;
seeking funding from non-bank lenders secured against real property;
seeking approval and/or settlement within a tight time frame;
able to provide real estate security at conservative Loan to Value ratio (LVR);
finding other non-bank finance is more expensive;
finding additional borrowing from their current lender time consuming and difficult; and
seeking interest only finance.

What are the loan terms?

Loan Term

Three months to three years.

Loan Size

$50,000 to $5,000,000.

Loan Structure

Interest only at a fixed rate payable monthly in arrears.

Security

Registered first mortgages over real property.

Loan to value (LVR) ratios

Residential – 66.66%
Rural Residential (No Improvements) – 60.00%
Rural Residential (With Improvements) – 65.00%
Commercial – 66.66%
Industrial – 65.00%
Rural – 50.00%
Development – 50.00%

How does GPMC assess a loan?

GPMC will assess each loan on its merits before providing credit to a Borrower. This action will involve:

making enquiries about the Borrowers financial situation, requirements and objectives that are relevant to the credit being applied for by the Borrower;
taking reasonable steps to verify the financial information; and
using this information to determine whether credit is unsuitable for the Borrower.

What are the associated fees?

The following fees will normally apply to a loan and will be discussed with prospective Borrowers as part of the assessment of their loan application

Establishment Fee

A fee payable by the Borrower. A higher fee may apply where settlement is required within 10 working days from the date the application is lodged.

Valuation Fee

A valuation fee is payable by the Borrower on the security. The fee will be negotiated with a GPMC approved valuer.

Management Fee

A management fee is payable by the Borrower that is part of the fixed interest rate.

Legal Fees

GPMC legal fees associated with establishing the loan will be payable by the Borrower.

Early Repayment Fee

A early repayment fee is payable by the Borrower. The fee is based on the term of the loan and impact on investors.

How do I get started?

Step One

Read the GPMC Target Market Determination to consider if your loan is suitable for GPMC credit facilities.
Contact GPMC here and provide sufficient information to allow our professional staff to make a quick assessment of your requirements.

Step Two

Based on our initial assessment GPMC may issue an indicative Letter of Offer detailing the indicative terms that GPMC may be prepared to provide credit to you and send you an application form.

Step Three

Complete the Borrower application form and provide GPMC with the supporting documentation.
GPMC will instruct a GPMC approved valuer to provide a written valuation of the property you are offering as security for the loan. Download the GPMC Valuation policy here.

Step Four

If the application is approved by the GPMC and the valuation of the security property meets our requirements, GPMC will settle the loan and advance the funds.

Downloads

Download our guides, policies and other documents here.