Home Loans and Personal Loans are available to Cooperative members. Therefore if you are seeking finance you are first required to be a member. To apply to be a member see member requirements under SHARES.
The Cooperative should not be seen as a 'Lender of Last Resort', Rather - with progressive and professional management the Cooperative can be compared with the old friendly bank manager of years long since gone.
We try our hardest to put nice people into good homes and help good people through their financial difficulties. There are many situations where people with sufficient equity available do not fit the square, and yet we might be able to fund the loan.
There are no magic formulas or breaking the rules, however, we do try to be fair - for example why shouldn't a 65 year old person be eligible for a 25 year loan? Why should someone needing an investment home be excluded simply because they receive social security payments as a part of their income.
Bankrupts and former bankrupts are not treated like lepers. There are situations where we can assist.
Many small business owners find it hard to qualify for a loan because of serviceability. This is not to say we can do a $250,000 loan for someone who has only averaged $14,000 income for the past 3 years and also has personal loans.
Our lending guidelines do, however, have restrictions. We have to be convinced the applicants can service the debt and this often involves research into what income comes into the household. In terms of equity in the property, it should be clearly understood that social security recipients will not be advanced more than 80% of the property value and serviceability is also calculated at 25% of monthly income.
For borrowers the maximum lend without mortgage insurance is 80%. That is, if a borrower is able to obtain 20% equity and is able to service the debt (sometimes a secured personal loan may be needed to make up the 20%) all things being equal a loan would most probably be approved, provided the amount of the loan was less than $300,000 in south east Queensland or $200,000 in country areas.
Whilst we do not lend for rural and commercial purposes, we can lend on properties zoned 'Rural', 'Rural Residential' and 'Commercial' providing the main purpose is home ownership.
People's employment history is dealt with on an individual basis.
Recent arrivals to Australia (new Australian residents) are considered if they can service the debt on current income, even though they have not had long term employment.
Serviceability is also dealt with on an individual basis.
The following loan calculator is provided for your convenience to indicate the repayment amount of a loan from the Cooperative.
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