Near Loan

Suits applicants who have some credit impairment, arrears and receive an income outside of a bank’s rigid criteria.

make it

             back on track

Key features of the MKM Near loan

Loan Settings

  • Rates from 5.10%
  • Maximum LVR 75%
  • Maximum loan $1.5m at 75% LVR; or $2m at <70% LVR
  • We pay an upfront commission of 0.7% with a 0.2% trail

Other features

  • Cash out acceptable for worthwhile purpose eg. business, purchasing large equipment, franchises etc
  • Airbnb and Uber income acceptable, must have 6 months of statements
  • We do not clawback

Applicants

  • Up to 3 months arrears
  • Discharged bankrupt > 1 day
  • Income to be evidenced via Accountant letter with forecasted income declared and a business plan provided by the Accountant

What our Near customers are saying

“I wish I’d found MKM sooner – they looked at all my optionsand put me onto their ‘Near’ loan, that I’m alreadyhalfway through paying off”

“I had to work a few jobs and extra shifts to save my deposit. MKM could see that I could make it work, and gave me their Near loan.”

Product Summary

Registered defaults

< $3,000 investment
< $5,000 owner-occupied

Bankruptcy

Discharged > 1 day

Arrears

3 month arrears

ABN & GST

1 day ABN

Maximum LVR

Borrow up to 75% of the property’s value

Minimum amount

$100,000

Max Loan – 80% LVR

$1,500,000

Maximum amount

$3,000,000

Maximum term

30 years (subject to expected retirement age)

Minimum term

5 years

Interest structure

Principal & Interest OR Interest Only. Additional terms and conditions apply to Interest Only loans.

Repayment frequency

Weekly, fortnightly or monthly (Interest only is monthly)

Extra payments

Permitted

Ready to take the next step?

One of our Business Development Managers will be happy to speak with you to find a solution that best suits your needs.

Questions?