Fine Print

We do not provide 'regulated loans' for home owners borrowing in their own names. Guarantors should obtain independent legal advice.

Term / Rollovers

The term of the loan is detailed in the loan offer. DBR does provide rollovers but the same approval fee is normally applicable. Clients requiring a rollover must usually have a clean repayment history.

Purpose

Only legitimate borrowing requirements will be considered. DBR does not want to enter into transactions that disadvantage the borrower or another party.

Payments

Monthly interest-only payments in arrears. DBR can lend the borrower the interest upfront and place the funds with a lawyer to ensure a clean repayment history is obtained at the end of the term to assist with bank refinance.

GST

If the borrower has claimed GST then DBR deducts GST off the valuation amount to establish the Loan to value ratio.

Security

First registered mortgages over freehold security property and sometimes leasehold property.

Personal Guarantees

General Security Agreement (Mortgage Debenture) for some company borrowers.

Conditions Precedent to Drawdown

(not all of these are applicable to every transaction)

  • All documents, properly signed, and our lawyer’s settlement requirements are to have been received.
  • The lender is to meet the borrower/guarantor(s) and inspect the security property.
  • The lender's standard asset and liability statement is to be completed.
  • Confirmation that borrowers have not claimed GST on security property.
  • Satisfactory credit checks for the borrower/guarantor(s).
  • A current LIM report to be obtained - not normally required.
  • Copy of code of compliance - for new properties.
  • Three month's bank statements.
  • Full current registered valuation including mortgage recommendation to be addressed to DBR from a DBR-approved valuer.

Insurance

The lender requires the security property to be insured for full replacement value with our interest noted.

Early Repayment

You may repay the facility in full or in part providing you give us 30 day's prior written notice of your intention to repay.

Legals

All legal costs and other expenses incurred in the preparation of the documents by our solicitors are to be paid by you. An estimate can be provided.

Acceptance Fee

Once this offer is accepted in writing the acceptance fee is payable and non-refundable. 50% of the fee is payable on acceptance. The balance is payable at drawdown. The fee remains payable even if drawdown does not occur.

Refunds

In the unlikely event that the valuation or DBR's inspection does not meet with DBR's satisfaction then the fee paid to date will be refunded (less any valuation, legal and inspection fees incurred) and no further fees will be payable to DBR.

Inspection Fees

Nil in Auckland and between $500 and $1,000, depending on where the security is and how many of DBR's staff are required to inspect the property.

Holding Fee

Generally DBR allow 10 days for the loan to draw down after which a holding fee of 10% p.a. accrues daily as we have allocated the funds to you.

Brokerage

1% fee (in addition to the lender's fee) to be paid at drawdown from the loan proceeds.

Valuations

(it is important that DBR instructs the valuer)

  • Valuation report to include:
    • Market value
    • Forced sale assessment
    • External and internal photos of subject property
    • External photo of comparable sales
    • Comment on any factor that could impact on the sale-ability of the property
  • Copy of professional indemnity insurance certificate and valuer's annual practising certificate
  • Valuation to be completed or co-signed by a director of the valuation firm
  • Valuation to be provided in a PDF format (including photos)