HomeSec Broker Support
Our office hours are from 9am to 5pm (Melbourne Time) Monday to Friday. However if
you want to discuss a loan scenario after hours, feel free to call us on 0412 221 624.
What is a Non-Code Loan AFTER July 1, 2010
I
Short Term Business Loans (Caveat Loans)…. How to do them legally after July 1, 2010
By their very nature, short term business loans (or caveat loans) are just for business purposes, and some investment purposes. They must not be used for consumer purposes, and with the introduction of the new NCCP taking over from the old UCCC on July 1, 2010, some Investment Purposes now also fall inside the National Consumer Credit Protection Act. To help you see at a glance, here is a handy guide.
We hope this helps sort out any confusion. However as always, call us anytime with your scenario!
(03) 9017 6611
NOT A CODED LOAN (meaning we CAN fund it!!)
• If the loan is ‘wholly or predominately’ for
Business Purpose, we can fund it, no matter what
type of security property is used.
• If the loan is for Investment Purposes (eg: buying or
renovating a Residential investment property, buying
shares, etc), we can only fund it if the property is owned
by a Pty Ltd Company.
• If the loan is to buy or renovate a Commercial Investment
property, we can fund it… even if it is not owned by a
Pty Ltd Company.
IS A CODED LOAN (meaning we CANNOT fund it)
X If the loan is for Consumer Purposes (eg: for an
operation, holiday, personal car, renovations on
the family home.)
X If the loan is to buy or renovate a residential
investment property, or pay off arrears on the
investment loan, AND the property is owned by
natural people, and not a Company.
X If the loan is to buy shares or any other investment
purpose in an individuals name. (if the investment
is not owned in a Company, we cannot fund it.)
You are viewing the text version of this site.
To view the full version please install the Adobe Flash Player and ensure your web browser has JavaScript enabled.
Need help? check the requirements page.
