Rates

Mango Credit Interest Rates

Current Mango Credit Interest Rates

Bridging Loan: From 1% p.m.

Business Loan: From 1% p.m.

What is an Interest Rate?

An interest rate is an amount charged by lenders on the loans that they offer. Technically, it is a percentage charged on the loan’s principal or the borrowed amount. The interest rate dramatically affects the overall cost of a borrowing money. This is why shopping for loans with lower interest rates has become a common practice for many borrowers.

Interest rates are also regarded as either the cost when borrowing money or the reward when saving money. Banks provide loans or allow borrowers to borrow money from them in exchange for interest payments. On the other hand, depositors deposit their money with banks, and banks then use the deposits for various purposes, including to fund other loans. As a reward for depositing money with a bank, the bank pays the depositor interests for the money they saved. The interest rates obtained by banks from loans are higher compared to the amount the banks pay to the depositor. The difference becomes one of the bank’s sources of profit.

Mango Credit Interest Rates

The interest rate is an essential component of a loan. The rates are influenced by many different factors like the borrower’s credit score and the capacity to make interest payments, and the lender’s willingness to take on the perceived risks when they offer loans. Most traditional lenders, such as banks, will only cater to borrowers with ‘good’ credit. Conversely, if you’re deemed a ‘bad’ credit holder due to a default, for instance, you will often have limited options on where you can secure financing. As a result of this, many bad credit holders are having a hard time getting out of a bind.

Mango Credit is a leading private, non-bank lender in Australia. Over the years, Mango Credit has helped thousands of Australian business and individuals secure the loans that they need, and in many circumstances, where traditional lenders were not prepared to lend. Mango Credit’s interest rates are primarily based on the borrower’s credit history and the loan security being offered. Mango Credit is also known for providing loans that help bad credit holders get out of a bind and help fix their credit score.

Know more

We know it can be hard to obtain finance from other lenders, we are happy to assess your application regardless if you have a good or bad credit history. Let Mango Credit provide you with loans designed to best suit your needs.

Call us at (02) 9555 7073fill out this form to submit your enquiry, or start an online application today.

 

 

Mango Credit Interest Rates

The interest rate is an essential component of a loan. The rates are influenced by many different factors like the borrower’s credit score and the capacity to make interest payments, and the lender’s willingness to take on the perceived risks when they offer loans. Most traditional lenders, such as banks, will only cater to borrowers with ‘good’ credit. Conversely, if you’re deemed a ‘bad’ credit holder due to a default, for instance, you will often have limited options on where you can secure financing. As a result of this, many bad credit holders are having a hard time getting out of a bind.

Mango Credit is a leading private, non-bank lender in Australia. Over the years, Mango Credit has helped thousands of Australian business and individuals secure the loans that they need, and in many circumstances, where traditional lenders were not prepared to lend. Mango Credit’s interest rates are primarily based on the borrower’s credit history and the loan security being offered. Mango Credit is also known for providing loans that help bad credit holders get out of a bind and help fix their credit score.

Mango Credit is known for assisting borrowers in obtaining what they need through the following:

  1. Positive impact – Mango Credit has been a champion in the financial industry in Australia. For years, Mango Credit has proven its commitment to positively impacting its clients’ business and personal lives. Mango Credit does this by providing financing that comes with competitive interest rates with fast and easy access to short term loans, with quick approvals and settlements.
  2. Transparent loans – Mango Credit has always been committed to providing transparent loans. In fact, it is Mango Credit’s mission to provide transparency in all aspects of its dealings. Mango Credit is made up of a team of financial experts trained to ensure that every borrower is informed of the crucial loan details to ensure that they are comfortable and more importantly aware of the journey ahead.
  3. Suitable financing options – Mango Credit conducts an individual assessment of each loan application to ensure the most suitable financing option is provided, based on the individual’s circumstances. This also includes undertaking the appropriate unsuitability assessments where a loan is regulated by the National Credit Code and is being advanced by Mango Mortgages.
  4. Fairness – Fairness is one of Mango Credit’s essential core values. Since day one, the Mango Credit has been providing quick access to funding to help clients meet a variety of personal and business needs. Mango Credit interest rates are fair and reasonable, with all fees disclosed upfront.
  5. Willing to help – Mango Credit not only provides loans with competitive interest rates to its clients, it also provides opportunities to those who need financing to further their business or personal goals.

Loan Type Summary

For those of us who love the detail. This section is for you.

Mango Credit Australia’ & Mango Mortgages’ personal bridging loans and short term business loans are secured most often by a caveat (an unregistered second mortgage) behind an existing bank mortgage.

Here is a summary of what they are, and where we can help:

Caveat loans

Caveat loans are also known as “unregistered second mortgages” or “equitable mortgages”.

A caveat loan allows you to obtain funding quickly with the use of an existing property that you are paying off as security. Caveat loans are very fast because they can be lodged instantly on title behind your existing mortgage with no consent required from your bank to do so. A Mango Credit Australia or Mango Mortgages caveat loan can be a great short term solution if you need money in a hurry to do home renovations in preparation for sale or working capital for your business, regardless of credit history.

The upside of a caveat loan:

  • Take advantage of time sensitive opportunities, funding usually within a few days from application
  • The caveat releases immediately once you refinance, payback or at settlement of your property sale
  • Opportunity cost (i.e. the cost of missing out on the opportunity is a lot more than the cost of the loan)

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Second mortgages

A Second mortgage is a second lien, or secondary registered interest on a property, which uses the equity in your real estate as security for another or second loan (meaning you’ll have two mortgages on your home). Mango Credit Australia and Mango Mortgages regularly provide second mortgages to borrowers who require funds reasonably quickly for a personal bridging loan or short term business loan. Second mortgages are not as fast as caveat loans because consent is generally required from your existing bank, depending on which state or territory, to register the additional mortgage on title.

The upside of a second mortgage:

  • Cheaper than a caveat
  • Higher LVR’s available than a caveat
  • Enables the fast release of funds from your existing property for business or personal purposes
  • Take advantage of time sensitive opportunities
  • Opportunity cost (i.e. the cost of missing out on funding is more than the cost of the loan)

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First mortgages

A First mortgage is a first registered interest by a lender or bank over real estate. This type of financial instrument generally has priority over all other liens or claims on a property in the event of default or sale, apart from land tax and some other exceptions. A Mango Credit Australia or Mango Mortgages first registered mortgage can be a good option in the absence of being able to secure a loan from a traditional lender.

The upside of a first mortgage:

  • Cheaper than a caveat or second mortgage loan
  • Faster than a second mortgage
  • Higher LVR’s available than a caveat or second mortgage
  • Buy a residential or commercial property if you don’t meet a traditional lender’s requirements
  • Get cash out of real estate that you already own by refinancing for personal or business purposes

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Home equity loans

These facilities are also known as Home Equity Loans when an owner occupier’s principal place of residence is used as security. They are known as Equity Loans when any other type of real estate is used, other than your house.

The upside of a home equity loan:

  • Obtain extra cash for expenses like:
    • Renovations
    • Investments
    • Business working capital
    • Repay ATO debts, personal or business debt

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