For buying commercial property in Australia, many people apply for commercial property loan under different heads. The lending policies and amount of loan significantly vary from commercial loan to residential loan. However, the basic rule is banks approve 80% of property value as loan value to both residents and non-residents of Australia.
Depending upon the nature of property and residency status of a borrower, a person can apply under one out of following categories of commercial loans:
• Low Doc Commercial Loans – If any person does not have any concrete proof of his income, he can apply for low doc commercial loans by using Bank Account Statement or Accountant’s letter.
• Lease Doc Commercial Loans – It is granted when borrows shows that the rental income is suffice for paying the interest payments of loan. In this kind of loan, a borrower needs not to show any tax returns, pay slips or financial statements to a lender.
• No Doc Commercial Loans – Obtain no doc commercial loans without any document. However, banks have stricter criteria while granting these kinds of loans as high interest rate, not all commercial properties qualify for no doc commercial loans, etc.
• Specialized Loans – These kinds of loans granted for specialized commercial properties like hotels, pubs, aged care facilities, etc.
• Franchise Loans – Franchise loans available for commercial franchises like Subway, Domino’s, Pizza Hut, etc.
The total loan amount, tenure, rate of interest, etc., varies significantly from one loan to another and so is the loan approval time. If you want to apply for the loan in hassle-free manner and looking for approval in one go, it is necessary to hire professional services of property investment and management company like
Dream Design Property. The company helps worldwide clients to obtain all kind of loans on commercial and residential properties in the fastest possible manner. Moreover, it assists clients in selecting right property also at the best possible market prices. So, if you are not sure about which loan to apply, seek the assistance from property experts.
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