FAQ

General Questions

Who is Gramercy?

Gramercy are a 100% Australian owned and operated private lender, with more than 50 years of combined finance industry experience, you can be rest assured we will deliver the most appropriate short term finance solution for your individual, business or investment needs.

What loans do you specialise in?

We specialise in first and second mortgages, caveat loans and private school fee funding.  

Are we different to a bank?

Yes, as all loans are funded and approved by the Directors of the Gramercy, who have direct access to funds and are able to provide you with an immediate solution. We don’t take weeks to make a decision and you can apply online within a matter of minutes.

Capital/Bridging Finance

Can I get a cash loan if I have bad credit?

Yes you can still get a cash loan from Gramercy.  Whilst we do not lend to everyone, clients with credit defaults registered against their name at credit reporting agencies are still considered.
 

Our application process ensures that we understand your current situation and approve the right size loan for you.  This assists you to develop a positive credit rating with us so that when you need money in the future you can access it quickly and easily through us.

How much can I borrow?

We provide short term finance for business and bridging purposes from $25,000 to $5,000,000.
 

Our commitment to our Responsible Lending charter ensures that we understand your individual situation to tailor the right short term finance for your needs.
 

You can borrow up to 65% of the value of your property (including any existing mortgage) or 65% of the wholesale value of your motor vehicle if less than 5 years old (50% for motor vehicles more than 5 years old).

How long do I have to repay?

The duration of your short term finance can vary from two to six months (and potentially longer depending on your circumstances).  All interest and charges are capitalised into the loan amount.

Do we lend to everyone?

No, we do have some criteria that prevent us from lending to some applicants. This criteria includes if you have entered into bankruptcy in the last 12 months or you cannot provide us with adequate security.

Can I pay my cash loan off early?

Yes, however early termination fees may apply. 

What is the interest rate?

The rate of interest depends upon the risk and can only be determined at application.

What are the fees?

There are out of pocket legal and valuation fees which are charged for the preparation and lodgement of documents. These fees are determined by the complexity of each transaction and will be quoted when a Letter of Offer is issued. 

If I do not have access to a fax machine or computer, how do I get the required documents to Gramercy?

You are also able to fax or scan and email documents from most Australia Post offices or internet caf├ęs alternatively, you can make an appointment to meet with one of our account managers.

Private School Fee Funding

What is Gramercy Private School Fee Funding?

Gramercy Private School Fee Funding allows families to manage the cost of private school fees, while maintaining their existing lifestyle.

What Private School Fee Funding packages are available?

Gramercy allows you to repay school fees over a term of 12-60 months at low rates.

Between 2-6 year fees funding allows to structure a package that works for you, based on interest only and principal and interest repayment schedules – giving you the flexibility to choose.

How does Private School Fee Funding work (1 year fees only)?

You can structure your school fee repayment schedule over a 12 -60 month term. We can discuss a flexible repayment schedule that works in with your current situation.  

How does Private School Fee Funding work (2-12 years fees)?

All school fees for 2017 and beyond can be funded. The future funding requirements are estimated by taking into account each student's year level and expected fee increases. School fees will only be funded as and when the fees fall due for payment so that you only pay for the funding you need at any given time.  Schedules will be based on repaying all funding balances in full within a maximum of 3 years after the final child has completed Year 12.

Who can borrow with Gramercy Private School Fee Funding?

Individuals with school fees to pay at any Australian non-government school can apply for funding, providing:

  • You are aged 21 years or older
  • You are an Australian citizen or permanent resident
  • You have a regular source of income that you can demonstrate
  • You have a good credit history

How are the funds disbursed?

Proceeds of any loan facility provided by Gramercy will be paid directly to the relevant school’s verified bank account in accordance with presentation of agreed invoices and/or statements issued by the school. (Note, any additional fees or levies imposed by the child’s school, all of which must be paid, before Gramercy will advance any funds.) 

How is Gramercy different from getting a bank loan?

Gramercy makes school fees simple for families by providing customised finance packages which take into account all future school fee costs.

We allow you to structure your repayment schedule to fit in with your current financial position.

Interest rates will be measured against level of security provided, which allows quality borrows to be rewarded with lower interest rates.

Does Gramercy pay for multiple years of school fees in advance?

No.
 

Is Gramercy regulated by ASIC?

Yes. Gramercy maintains full compliance with all regulatory requirements and holds Australian Credit Licence number #Yes. Gramercy maintains full compliance with all regulatory requirements and holds Australian Credit Licence number #.

 

How do the interest rates, fees and charges work?

Gramercy use a risk-based pricing approach, which means that good quality borrowers are rewarded with lower interest rates and fees.
 

How do the repayments work?

Loans can be repaid monthly via direct debit from your nominated bank account with our Ezi Debit payment system.
 

Can I repay some or all of my loan balance early?

Yes. All loans provided by Gramercy can be repaid early at any time. A small charge is applied for early repayment.
 

When do I need to apply for funding?

You can apply for school fee funding at any time. Gramercy can assist you to fund any current fee balance outstanding, as well as providing funding estimates for future school fee costs.
 

Who provides the Gramercy loan funding?

Gramercy currently uses its own funds for payment of your school fees. This is the beauty of dealing with Gramercy – you deal directly with the lender!