Compare private lenders for a first mortgage

What a first mortgage lender looks at

A first mortgage is senior secured lending against property. The quote reads it from two figures, the loan and what the property is worth, and shows the loan against the value as you enter them.

On Panel compares private and non-bank lenders for business-purpose loans secured by Australian property. Nothing on this page applies outside that scope.

Each lender on the panel has its own policy, so one first mortgage scenario fits some lenders and sits outside others. The comparison shows the lenders it fits.

What you enter in the quote

Paste a few lines of the scenario, or a client’s email, into the first box and the quote reads what it can from it. Check each figure and change what is wrong. Several properties can sit under the one loan, and you can compare the lenders on the panel without signing in.

• The property. Type an address, paste a few lines of the scenario, or choose No address yet.
• The loan you are placing.
• What each security is worth.
• The term.
• The exit: a sale, a refinance to a bank, the sale of another asset, a completion and sale, or your own words.

One property or several

Security goes in as a list. Add one property or several, and the quote reads them together as a single scenario.

Each property takes a type. The form lists house, townhouses, apartments, mixed use, industrial, retail, office, land subdivision and vacant land, with Something else for a type typed in by hand.

Enter the loan once for the whole security. Change a value or add a property and the result moves with it, so a different structure is a quick check rather than a new submission.

How the lenders are compared

One scenario goes against the lenders on the panel at once. The result shortlists up to three lenders, fits first, with rate, amount, term and cost side by side.

A rate is never shown bare. It carries its policy condition and the policy version behind it. Cost is worked out from the policy rate, interest only, at the term you chose, and the result says so on screen.

The condition beside a rate names the location, and the loan-to-value limit where the lender’s policy states one. Read the condition before the number, because a rate quoted without it says little about your scenario.

What it costs a broker

On Panel charges brokers $0. You keep 100% of your brokerage and the client stays yours. The lender pays On Panel on settlement.

The cost in the result is interest over the term plus the lender’s establishment and line fees. Valuation, legal and other third-party costs sit outside it and still apply to your client.

A lender on the shortlist that needs more detail is marked as such, so you know a fuller scenario may change its answer.

From comparison to settlement

Credit and sales support carries on after the comparison, through to settlement. The team structures the loan, packages the file, submits it and follows up with the lender.

The lender decides. It sets the terms and makes the credit decision, and until then a result is indicative.

Brokers who want the file back before it goes to credit can have it, and brokers who would rather lodge it and wait for term sheets can do that instead.

Brokers ask