Borrowers are required to provide a serviceability declaration and substantiate their ability to service a mortgage. We also obtain credit history checks and secured property assessment and valuation.
The Board then combines their experience, qualifications, knowledge and skills, to apply the credit policy, approval process and checklist to all loan applications.
The Board must approve the loan, including the secured property as being acceptable for investment.
Security & conditions
In the case of construction or development loans, this may include additional requirements such as pre-sales and certified cost of completing the project. All loans selected for inclusion in the Fund have met our requirements for the applicant to demonstrate capacity to service the loan.
If the purpose of the loan is to refinance other lenders, evidence of satisfactory conduct of the loan is required. The Fund may also take additional collateral security, including guarantees from the directors of the borrower and general security interests (through a general security agreement) over all the current and after-acquired property of the borrower.
These parameters vary from time to time depending on Apac’s views as to market conditions, property market cycles and other micro and macroeconomic conditions. We may change the parameters without providing notification to you.