The applicants are starting a new business venture
	The equipment they wish to finance is several years old
	The applicants have limited financial information or minor past credit issues
	The applicants may be trying to raise working capital against existing equipment

Austfin will lend up to 75% of the auction value of equipment being financed. The difference between the amount financed and the cost needs to be covered by a cash deposit from the borrower, or provision of other collateral security – such as a charge over other equipment or property.

Applicants need to own residential property and be able to satisfy Austfin that they are able to meet their commitments. New business ventures are considered.

Austfin considers applications for amounts of $25,000 - $250,000. Advances in excess of $75,000 usually require a charge over property.

We offer hassle free first mortgage loans secured by most types of readily realisable Victorian based property. We do have funds for lending in other parts of Australia, but if you are from another State please contact our office (1300 661 212) to discuss your requirement.

Loan amounts considered are $50,000 to $500,000 ($1.0M if funds permit) for terms of 6 months to 3 years.

Note: We do not provide finance for property development.

Austfin provides loans secured by second mortgages for $50,000 to $400,000 over all types of readily saleable property located in any populous area of Australia. Generally the first mortgagee must be a bank or other mainstream lender and the amount of the first mortgage needs to be less than $1.5M.

While the LVR we consider ultimately depends on the quality of the borrower and security our usual maximum advances are:

	Metro residential property	75%
	Industrial	70%
	Improved Rural	70%
	Commercial (Office & retail)	75%

Properties must be readily saleable and not be geographically remote from a major population centre, or contain specialised improvements that would limit their market in the event of resale. We do not lend against the value of development approvals, growing crops (vines, orchards, timber plantations etc), or specialised securities such as boarding houses, aged care centres or commercial property developments etc.

First mortgage repayments are interest only, while 2nd mortgage loans can be either principal and interest or interest only.

First mortgage interest rates start from 9.75% pa and second mortgages 17.5% pa. Short term bridging finance (1 - 3 months) is usually 2.0% per calendar month.

Establishment fee of 1.25% of the loan amount for first mortgage loans (1.5% for second mortgages) (minimum $1,500) plus legal and valuation costs.

In the event the loan is repaid prior to maturity an early termination penalty of 2 months interest applies.

Download and complete an Equipment Finance Application Form or a Mortgage Loan Application Form. This can be returned to us by facsimile (03 9818 0744), email invest@austfingroup.com.au or post to Austfin Group, PO Box 3038, Auburn Vic 3123.  Applicants should include evidence of their income - ie most recent tax return, financial statements, group certificates or pay slips. Providing we are satisfied you have the capacity to service your commitments we can approve loans on less detailed financial information, and if for some reason detailed financial information is not available, please contact our office to discuss.

We respond to most applications within 1 working day of receipt.