What you need to know –
- Loan term: Maximum up to 15 years for commercial and rural property;
- Loan amount: Minimum $20,000;
- Legal fees: Commercial and rural – $500;
- Interest options: Choose the flexibility of a variable rate or the certainty of a fixed rate for 1-5 or 10 years. Up to 5 years interest only in arrears.
- Maximum loan to property value: Commercial property – Borrow up to 70% of the property value. Rural property – Borrow up to 35% – 65% of the property value.