MORTGAGE & BRIDGING LOANS

The following conditions will apply with respect to MORTGAGE loans:

(i) The Society will lend a percentage of the cost, or value of the property, whichever is lower, as set out in Item 13 above, whilst the member should have the difference in unencumbered Shares.

(ii) The loan must be for the member’s primary residence.

(iii) A copy of the Title Deed must be provided.

(iv) A recent Valuation Report on the property to be held as collateral prepared by a Certified Valuator as approved by the Society.

(v) The tenure of the land must be either freehold or leasehold. Should the land be leasehold, the unexpired period of the lease must not be less than five (5) years with the option to renew.

(vi) In the case of leasehold land, the loan must be repaid five (5) years prior to the expiration of the lease.

(vii) All legal documents are to be processed through the Society’s legal representative.

(viii) The member must provide the most recent Land and Building Taxes, W.A.S.A. Clearance Certificate and receipts.

(ix) Provision of Fire and Special Perils Insurance coverage on the mortgaged property, from a reputable insurer. The Society may choose to pay and renew the insurance coverage, with the repayment of the respective premium to the Society, include in the monthly installment.

(x) A mandatory share deposit may be required with each repayment.

(xi) The Society will grant loans to a maximum repayment period of twelve (12) years.