Our borrowing process...
We believe in simple, streamlined processes. That’s why our process of lending is in plain English – so you understand what’s involved and there are no surprises.
And don’t forget – our friendly, knowledgeable team is always happy to help you with your application and answer your questions.
Our lending process...
MCMF operates on the following basis
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1
Our loans are interest-only loans. We require interest payments paid quarterly in arrears. We require principal payments to be repaid on demand by MCMF
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Our loans are secured by first mortgages over real property; that is, land that is either vacant or built on (as opposed to personal or movable property)
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As part of our approval process: we obtain valuations by a registered valuer or use government valuations to assess the value of the real property offered as security
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As our loans use property as security, the amount of the loan cannot generally exceed a specified percentage of the property’s value (the loan-to-valuation ratio), which is fixed depending on the type of the property – such as urban residential, rural residential, commercial, farming, or a hotel
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5
Before approving a loan, our Management Committee assesses each applicant borrower’s financial position and their capacity to pay interest
Contact us
If you have any questions about the types of loans we offer, or you’re unsure about our lending process, please feel free to contact us. We’d love to help you!
How to apply for a loan
At MCMF, whether you’re interested in investing or hoping to borrow, we aim to keep the process as simple and streamlined as possible! Our application form, though it might seem lengthy, is all in plain English, so it should be pretty straightforward to fill out. (Of course, we’re always happy to help you at any stage of the process!)
APPLYING FOR AN MCMF LOAN
There are just three simple steps to lend with MCMF:
- Complete your loan application form
- Make sure you read all the small print, and make a note of anything you don’t understand, so you can ask us about it
- Gather your supporting evidence of income and employment
Submit your application by:
- Posting your form to GPO Box 408, Hobart 7001 or PO Box 1488, Launceston 7250 OR
- Delivering your form in person to one of our offices: 10 Victoria Street, Hobart TAS 7000 or 85b George Street, Launceston TAS 7250
You will need to provide identification to complete a 100-point identification check. We require the original signed form in order to process your application; therefore, we cannot accept application forms via email.
Click below for more information on submitting your application.
Our rates
As of January 2023, our current standard variable interest rates are as follows:
- 7.45% per annum for commercial loans
- 8.45% per annum for development loans
- 7.75% per annum for SMSF loans
We like to ensure our borrowers are kept in the loop – therefore, we’ll contact you in writing to notify you of the variable interest rate changes on our mortgage loans.
We also publish our current variable interest rate on our mortgage loans from time to time here on our website.
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