FF Funds or Similar Mortgages | Alt Doc & Full Docs

Key Product Parameters

  • Maximum LVR's
  • Residential up to $2m - 80%
  • Residential $2m – $2.5m - 70%
  • Residential Alt Doc up to $2.5m - 70%
  • Commercial up to $2.5m - 65%
  • Corporate or Trust Borrowers
  • Maximum loan term 30 years
  • Principal & interest or interest only repayments
  • Maximum interest only period 5 years
  • Redraw available

Lending Criteria

Loan Purpose

• These mortgages can be used for property purchase, refinance, equity release or debt consolidation.

Equity Release

• Equity releases are capped at $500,000 and proceeds must be for business working capital, purchase of property or renovations.

Debt Consolidation

• Maximum consolidation of 4 debts or $100,000.

Income Verification

• Clients need to demonstrate income assessment and serviceability on a full-doc or alt-doc basis.

ABN Registration

• Self-employed borrowers need to have an ABN for a minimum of 24 months and be registered for GST for a minimum of 12 months.
• For those with an ABN under 24 months but an established working history of at least two years, a near prime pricing premium will apply.

PAYG

• 2 most recent payslips (issued within 6 weeks of application).
• Most recent PAYG summary

Self Employed (Full Doc)

• 2 years recent tax returns for entities used for servicing purposes.
• 2 years recent financials for entities used for servicing purposes.
• 2 years tax returns and notice of assessments for individual guarantors.

Self Employed (Alt Doc)

• Accountants Declaration and Borrower Declaration in standard format.
OR
• 12 months Business Activity Statement (BAS)

Credit History

• Paid defaults under $1,000 accepted, a near prime premium will apply.

Security Location

• Metro and non-metro locations accepted, a near prime premium will apply for non-metro locations.

• Additional loan size and LVR restrictions apply for ACT, SA, WA and non-metro locations.

Acceptable Securities

•Land area of subject security must not exceed 1 hectare or 2.5 acres.
• Units & apartment buildings must not exceed 6 floors.
• Acceptable commercial securities office, factory, warehouse and industrial.

Loan Size Limits

• $2.5 million loan per security.
• Maximum aggregate lending to a single director or shareholder is $5 million.

Pricing

Alt Doc / Full Doc | Residential
LVR
  • ≤60%
  • ≤65%
  • ≤70%
  • ≤75%
  • ≤80%
Full Doc
  • 5.79%
  • 5.79%
  • 5.89%
  • 5.99%
  • 6.19%
Alt Doc
  • 5.84%
  • 5.99%
  • 6.09%
  • 6.44%
  • 6.44%
Est. Fee
  • 1.10%
  • 1.10%
  • 1.10%
  • 1.35 %
  • 1.35 %
Alt Doc / Full Doc | Commercial
LVR
  • ≤55%
  • ≤60%
  • ≤65%
Full Doc
  • 6.49%
  • 6.59%
  • 6.69%
Alt Doc
  • 6.79%
  • 6.89%
  • 6.99%
Est. Fee
  • 1.10%
  • 1.10%
  • 1.99%

FF Funding Niches

  • Only need one of the following for Alt Doc income verification (Accountants Declaration, BAS, or Business Bank Statements)
  • Can fund >$2m with just an accountants declaration for Alt Doc
  • Defaults <$1000 & >2 years accepted
  • Payout Private Loans
  • SMSF loans available for Residential & Commercial
  • Aggregate exposure $5m
  • Fully assessed conditional approval in 48 hours
  • No Credit scorecard algorithms
  • Access to credit analysts (decision makers)
  • No Personal bank statements
  • We don’t use CCR (Comprehensive Credit Reporting)
  • Late payments on mortgage payments accepted
  • No Clawbacks
  • 12 Month ABN for Full & Alt Doc considered
  • No annual reviews on commercial loans

Near Prime Pricing Premium

  • Non-metro postcodes
  • Minor credit impairment
  • ABN <24 months registration

Loan Fees

  • Annual Fee: $360
  • Settlement Fee: $490 (please note that this fee is deducted from the gross loan amount at settlement)
  • ABN <24 months registration
  • Valuation Fee From: $495
  • Solicitors Fee: At Cost
  • Discharging within the first 3 years of loan term will trigger early repayment fees

Loading

  • Interest Only - 0.35%​
  • Near Prime - 0.35%​
  • Investment - 0.20%​
  • >$1.5m - 0.20%​
  • >$2.0m - 0.50%​

The Advantage Of Firm Finance

  • Full Doc or Alt Doc income
  • No investment loading
  • No interest only loading on commercial securities
  • Loan amounts up to $2.5 million
  • Simplified pricing guide
  • No clawbacks
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