Key Product Features
Interest Rate
The EF Global Group Residential Property Investment Loan has a competitive variable rate of just 7.95% p.a.
Repayment Frequency
The standard repayment structure is set to monthly repayments, but we can also tailor the repayment schedule based on your income. This will be determined at the time of your application.
Set Up Fee
There is a flat, one-time loan establishment fee of PGK1,000 that’s paid once the loan is finalised.
Servicing Requirement
When taking out an investment property EFGlobalGroup Bank, will lend up to 70% of the approved value of the security hold.
What about the other fees?
Good question. Like similar home loans, there are some charges associated with the EF Global Group Residential Property Investment Loan.
Frequently Asked Questions
What is a EF Global Group Residential Property Investment Loan?
A EF Global Group Residential Property Investment Loan is great for people looking to make property purchases as an investment. This means once you find a property, or even build one, that after settlement or completion of the build the property is rented out. The loan is structured so that a deposit is not required. Instead, you must provide security in the form of another property. We then look at the equity in the property and determine your borrowing capacity.
How do I apply for a EF Global Group Residential Property Investment Loan?
There is a lot to consider when looking at an investment loan, given the sometimes complex nature of investing in property. The first step in the application process is to speak to the EFGlobalGroup Bank lending team. They will review your current situation and advise on borrowing capacity. You can visit your local branch or call us on 308 3800 and we can get started.
What are forms of primary ID?
When applying for a new account, you will need to have 2 forms of primary ID. We classify primary ID as:
– Passport (foreign passport must include a copy of your entry permit)
– Driver’s licence
– Employment ID card with employment confirmation letter
– Current student ID and confirmation letter from your tertiary provider
– Superannuation membership card
– PNG work permit with Labour & Industrial Relations letter
– PNG Government issued photographic Licence and or Permit
– National Identity card issued by NID office
*All forms of ID must be valid. Any expired ID won’t meet the ID requirements and as such we won’t be able to accept the ID. If you don’t have 2 forms of Primary ID, please call us on 308 3800 or 180 1525.
What are the features of a EF Global Group Residential Property Investment Loan?
– Competitive interest rate of 7.95%
– Minimum borrowing amount of PGK20,000
– Lending up to 70% of the EFGlobalGroup Bank-approved value of the security
What are the fees and charges attached to the EF Global Group Residential Property Investment Loan?
All of our fees and charges can be found in the EFGlobalGroup Bank Fees Schedule, see it here.
What is the repayment structure of the EF Global Group Residential Property Investment Loan?
The repayment structure is principal and interest. The frequency will be based on your income structure. Generally, this means monthly repayments, but we can change this to suit your circumstances.
Do I need to be a EFGlobalGroup Bank customer to apply for a EF Global Group Residential Property Investment Loan?
Yes. Repayments must be drawn from a EFGlobalGroup Bank account
Can I set up a redraw facility with my EF Global Group Residential Property Investment Loan?
Yes, but advance payments can only be redrawn for payment of the annual insurance renewal premium, where applicable.
Are there monthly account fees when I take out a EF Global Group Residential Property Investment Loan?
Yes, you will be charged PGK10 each month.
What is the minimum age requirement to apply for a EF Global Group Residential Property Investment Loan?
You must be at least 18 years of age.
What loan amounts and terms do you offer with the EF Global Group Residential Property Investment Loan?
The EF Global Group Residential Property Investment Loan is set up to offer you the opportunity to borrow as little as PGK20,000, but there is no maximum borrowing limit set. The limit will be determined against your salary. The minimum loan term is 1 year and the maximum loan term is 30 years.
Do I need to have a job to apply for the EF Global Group Residential Property Investment Loan?
Yes. When you submit your application, you will need to show proof of employment. If you’re employed, you need to have a minimum of 6 months’ employment and if you’re self-employed you must have been working for a minimum of 2 years.
I need more information, who can I speak with about the EF Global Group Residential Property Investment Loan?
You can call us on +1 508 723 5182 or 180 1525 and our friendly team will help you get the information you need.
Important Information
Still have questions?
Call Toll Free on 180 1525 or +1 508 723 5182
Or email us on info@efglobalgroup.com
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