Frequently Asked Questions
Please contact us if you can’t find the information you need
What are the main features of Lannock’s Strata Loans?
Flexibility and choice. You can draw as many advances as you need. You have the flexibility with each Advance to specify: – Term of Advance (1 to 15 years) – Interest Only Period (up to 2 years) And, you can draw as many or as few advances as you need. You only pay for what you use, when you use it.
What will you lend us money for?
Lannock will lend for any work or project that the body corporate is allowed by legislation to conduct. This includes; repairs and maintenance, renovations, capital works, building defects, green projects, strata insurance, professional services, litigation, asset purchase, bridging finance, working capital – just ask us.
What security do you take? Is there a mortgage?
None. We make an unsecured loan to the body corporate. There are no mortgages, no liens, charges or caveats or any registration or impediment on the title of the common property or of any unit.
Do I have to give a personal guarantee?
No. Owners do not give a personal guarantee or any personal financial information.
How much does it cost?
The interest rate will depend on your loan requirements. Please contact us for a Funding Plan which includes indicative monthly repayments.
What fees do you charge?
Very few. We have an initial $600 approval fee but there are no line fees, facility fees, monthly or annual fees, commitment fees etc. The loan contract has a complete list of fees.
I’m on the committee. Do I have some special obligation if the body corporate borrows?
No. Being on the committee or being the person who signs the loan documents does not impose any extra obligation on you.
Do you have a minimum or maximum amount that you will lend?
No, please contact us to discuss your needs.
Do you require our strata manager or lawyer to certify that they have checked our bylaws?
Can we pay the loan back early?
Yes. Generally there are no penalties for early repayment.