Things you should know

General Terms

Oasis Mortgage Group Pty Ltd (OMG), we specializes in loan facilitation for harder to place loans submitted through Finance Brokers and Mortgage Managers.

These include: Commercial, Rural, Residential and Development properties. OMG are not funders/lenders.

We may also assist in the facilitation of JV proposals in certain circumstances.

Standard loan application process:-

  1. Once we receive the inquiry, we assess it using our proprietary software to see if your needs match the lending profile of any of our funders.
  2. If we feel we can assist you we will come back to you with the indicative terms. This is not an offer to lend.
  3. If you are agreeing to those indicative terms, we will prepare a Terms Sheet or Loan Mandate detailing those indicative terms as well as other terms and conditions including fees.
  4. If the Terms Sheet or Loan Mandate is acceptable you would sign and return it along with all the supporting documentation requested and pay any fee requested, if any.
  5. Upon receipt of all information, it will be assessed to determine just how we can assist you.
  6. Where we are able to secure an immediate offer direct from a funder the determination of the property value will normally be handled by them.
  7. Where we believe we are able to secure finance but need to first determine the value of the security property the determination of the property value may be managed by OMG.
  8. Where the proposed loan will not fit the criteria of known funders without the value of the security property being determined, OMG may ask if you have a valuation report not more than 30 days old. If one is not available, then OMG may ask that value of the security property be determined. In most cases, the Determination of the Property value involves far more than just a property inspection. Extensive local inquiries may be made to validate any value quoted in the valuer’s report. In some cases, the determination of property value may not involve a physical inspection or the services of a property valuer. A copy of any determination will not be provided.
  9. Upon receipt of the requested information, everything and has been found satisfactory, the full application proposal will be submitted to an appropriate funder/s or their agent.
  10. If there are difficulties with the application at that time we may suggest other options that may be available.
  11. If after submission to a funder or to another funder and they require a new valuation report to be done. OMG will credit back to you any fee you paid to OMG by way of a comparable discount in the success fees paid to OMG upon settlement of your loan ensuring that you are not out of pocket.
  12. If after submission to a funder, they require additional information OMG will advise you and you will need to provide it in a timely manner.
  13. In all cases, OMG will continue to assist you so long as you want that assistance and a result may possible.

Other terms

  1. Any Terms Sheets will be conditional and subject to continued due diligence inquiries and subject to change without prior notice.
  2. Where interest is capitalized the borrower/s must still be able to demonstrate they have the capacity to service the loan on the basis of monthly in advance payments.
  3. You must disclose all information that OMG and or its advisers and or its associates and a lender’s adviser and or associates could reasonably want to know about you, your past and about the intended use of the proposed loan funds.
  4. Finance may be available on the terms noted in the Terms Sheet subject to final acceptance by all parties.
  5. Unless otherwise stated, all fees once paid are non-refundable.
  6. OMG and or its advisers and or its associates and a lender’s adviser and or associates reserve the right to revise the terms and conditions and of the proposed loan at any time and to withdraw this offer to assist at any time.
  7. You should not make any commitments what-so-ever based on the Terms Sheet.
  8. OMG are not the lender of record.
  9. The conditions in the Terms Sheet are an indicative summary of requirements to enable this application to progress.
  10. This Terms Sheet is not designed to comprise a formal letter of offer.
  11. Valuation reports are done on an “as is” basis and exclude plants, crops, specialized buildings, potential, value, end value and any business component unless otherwise stated in the document. Property values are determined based on Vacant/Mortgagee Possession with a sale period not exceeding 3 months.
  12. Where multiple in-line securities are involved values may be determined based on an “in-line” value.
  13. The determination of the cost of the security property value is an additional costs/fees from which OMG will pay any cost.
  14. The fee for the determination of the property value must be paid prior to the determination being done.
  15. The exit strategy to be found satisfactory.
  16. Any Loan to Value Ratio (LVR) and Gross Realization Value (GRV) quoted are indicative only.
  17. Where GRV is quoted normal property valuation considerations will apply.
  18. All information provided must be verifiable.
  19. Where progressive loan drawdowns are required they will be at the discretion of the lender of record and any updated progress valuations may be required. These valuation updates are done at the expense of the proposed borrower.
  20. A copy of the determination reports will not be provided.

OASIS Mortgage Group abn: 92 097 503 556