Frequently Asked Questions

1. Do I have to pay fees up front?

No.

2. What information do you require to settle on a loan?

You will need to provide property security with a combined LVR of less than 75%, a detailed exit plan of how you intend to repay the loan and enough personal or company details to allow a credit check to be carried out.

3. Can I use more than one property to secure my loan?

Yes.

4. What are the minimum and maximum amounts I can borrow?

The minimum loan amount PSAL Limited will lend is $20,000. The maximum loan amount is $400,000.

5. What is the minimum term I can borrow for?

The minimum term for a loan is One (1) month.

6. How long will it take for PSAL Limited to approve my loan?

Indicative approval may be made verbally over the phone in a couple of minutes. A written Indicative Funding Proposal within hours. Formal written Letters of Offer are then provided soon thereafter, providing sufficient initial information is provided by the Borrower. The strength and accuracy of the information provided to PSAL Limited will then determine the time it takes to settle the loan. PSAL Limited aims to settle loans between 24-72 hrs from the time of application, providing information provided is accurate.

7. Can I capitalise interest and fees into my loan?

Yes, interest, legals, stamp duty, costs and fees are all capitalised into the loan, PSAL Limited will not capitalise valuation fees if a valuation is required.

8. Are there any reductions if I repay early?

No.

9. Why does PSAL Limited require an exit strategy?

An exit strategy will allow PSAL Limited to understand how the loan and interest will be repaid in full.

10. What is the maximum term I can have the loan for?

The maximum term for a loan is Six (6) months, however.

11. Will I need a valuation on the property/s provided as security?

Not always, on some occasions PSAL Limited may require a valuation but usally this is not required.

12. What security do I need?

The minimum type of security PSAL Limited will accept against loans advanced, is property. The maximum Loan to Value Ratio (LVR) for all funds advanced is assessed on an case by case basis.

13. What factors may cause delays in my loan settling?

The issue that causes the most delays in settling a loan is the accuracy of the information provided by the applicant and challenges that may arise over the issuing of the second mortgage in instances when the title details are not clear. The more accurate the information provided, the faster that settlement can be arranged.