About Mortgages

The 3Plan Mortgage Concepts are:

  • Startup Plan - this is a mortgage product that offers a loan term of over 12 years and up to 20 years. This loan is called the Startup Plan because it is normally attractive to young career persons who are taking their first mortgage. The longer term keeps the monthly installments lower and enables them to manage their cash flows to cope with the many other commitments that they have at this point in their lives. The interest rate charged on this Startup Plan product is Base plus 3.25% p.a.
  • House Plan - This is a mortgage product that offers a loan term of over 5 years and up to 12 years. This is usually suited to people who are able to make a larger monthly installment and borrow for a shorter time, keeping the overall interest cost over the period lower. The borrowers in this category tend to be making an investment after having completed their first mortgage. The interest rate charged on this House Plan product is Base plus 3% p.a.
  • Ace Plan - This is a mortgage product offering a loan term of up to 5 years. It attracts many of the people who have either saved a substantial amount towards the loan, or who feel that a short-term product suits their debt profile. Often, they are willing to commit to request the ability to get such a loan, and also enjoy the benefit of the reduced loan term by way of preferential pricing. For Ace Plan product we charge our lowest rate of interest, which is Base plus 2.5% p.a.

All 3Plan Mortgage Concepts are available to qualified borrowers based on their own assessment of their ability to repay the loan. We shall guide applicants accordingly on the suitability of each product based on the commitment they seek to make. The rates also automatically apply to the remaining term of any outstanding performing loan. This means that as a loan is repaid and the tenure to maturity reduces to within a new plan, the borrower starts to enjoy the rate of interest available for a loan of that tenure.

Loan Types:

  • Owner Occupied Residential - For a loan to purchase a property that the borrower intends to occupy as the primary home, we shall lend up to 90% of the value of that land (or lower of cost).
  • Investment Residential - this is a loan taken for a property considered an investment and not intended to be occupied as the primary home of the borrower.
  • Equity release - This is a loan where a borrower converts equity they have gained in a property either by having repaid a portion, or the total amount of the loan. If the property is still the primary home of the borrower, we shall lend as though it were an Owner.
  • Occupied Residential Loan. Only developed Residential properties will be considered for this loan type.
  • Construction Loan - This is a facility to finance the construction of a residential property. The terms are that the project will have to be managed by an agreed group of professionals and disbursement will be on an arrears basis to the person contracted to build the structure. The loan will consider the construction project costs and the contribution required for the borrower will be on the basis of this construction costs with no reference to the value of the land.
  • Residential Plot purchases - This is a product that is intended to extend money to people who want to buy a property to develop a residential house upon the plot. These loans are not available under all the plans above as they must be fully repaid within 5 years.