Security-backed loans to assist in the purchase, alteration, extension, upgrade of property and matrimonial property settlements are available.
Applicants will be expected to have applied in the first instance to lending institutions such as banks for mortgage funds. As a general rule, where other avenues of funding are not available or affordable.
The maximum amount of "top up" finance advanced will depend on the applicant's individual circumstances and also on the amount of Paraloan funds available at the time of application.
Paraloan may, in special circumstances, consider first mortgage advances.
Equity and affordability
Overall lending may not exceed 90% of the value of the property. This includes first, second and subsequent mortgages.
Repayments of loans, council rates and house-owner's insurance should not exceed one-third of the applicant's gross income.
- Loans must be secured
- Lender of last resort
- Minimum 10% equity required