Our loans...
We work with borrowers across Tasmania to support local projects that grow our State and benefit the community.
Types of loans at MCMF
We offer a range of loans to our customers – find out more by clicking on the below.
Our lending process
We’ve outlined the process for our borrowers in plain English so you understand what’s involved, and there are no surprises.
Our team is on standby to support you throughout the loan process – from your initial application to your final payment.
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1
Our loans are interest-only. We generally require interest payments paid quarterly in arrears. We require principal repayments to be repaid on demand by MCMF, but MCMF will not demand a principal repayment without reasonable justification.
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2
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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3
As part of our approval process, we obtain valuations by a registered valuer or use adjusted government valuations to assess the value of the real property offered as security
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4
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 residential, commercial, Rural, or a hotel or specialised security
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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
Our current interest rates
As of December 2023, our current standard variable interest rates are as follows:
- 8.69% per annum for commercial loans
- 9.94% per annum for development loans
- 8.99%per annum for SMSF loans
You can view our comparison rates here.
We like to make sure our borrowers are kept in the loop – therefore, we notify our borrowers of each increase in the variable interest rate on our mortgage loans in writing.
We also publish our current variable interest rate on our mortgage loans from time to time here on our website.
Contact us
Feel free to contact us with any questions about interest rates, our loans, or our application process.
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