Loan Application Process

Prometheus loans can usually be arranged on flexible terms and a range of loan security options are acceptable (see Loan Security). Your loan contract and repayments can be arranged to suit your particular situation. Interest rates compare well with those found elsewhere. We aim to build long-term mutually beneficial relationships with our borrowers

Submitting your loan application

Complete the relevant forms as necessary using the loan application guidelines on the relevant application form, then post it to us along with any additional financial information or budget projections that are relevant.  

How long will my application take?

If all necessary information is provided you should have a decision on your loan application within 1 - 2 weeks.  Writing the loan contract, getting documents signed by you and arranging security (if this involves a lawyer) can take a further 2 weeks.  

If there is other information we need, once we have received your application, we will get back to you to ask for that, but it can slow the application process down.

Documentation Fee

We charge a documentation fee for assessing and processing loan applications.  This fee varies depending on the amount of work involved but is usually between $150 - $350.  The fee is usually added to the loan account when the loan is disbursed and is repaid as part of the total loan amount.  

Interest Rate options

The majority of our loans are on flexible terms and floating interest rates.  This means that you are able to repay the loan faster either by increasing the regular payment amount or by paying occasional lump sums - all at no penalty.  This can help to significantly reduce the total interest cost of the loan.  It also means that the interest rate will follow market rates and can move either up or down as market rates change.

However, we do offer some fixed rate/fixed term loans where appropriate.  These are currently somewhat below comparable floating rates and can be more attractive for some purposes (especially for home buying).  For more information about this option please call us.

You are welcome to suggest your preferences when you submit your application and can discuss that with one of our loan managers in more details when we have received the application.   

Receiving your loan agreement

When a loan is approved, a Loan and Security Agreement will be posted to you (or more if you require several for guarantors to help secure your loan).  Our contracts are as clear and simple as possible within the constraints of legal requirements. It is your responsibility to ensure that all these documents are completed, correctly signed, witnessed and returned to Prometheus.

Disbursement of funds

Once Prometheus has received all the signed contracts and any associated security documentation is finalised, the loan will be deposited directly to your bank account or into a bank account nominated by you (e.g. you may need the funds to go into your Solicitor’s Trust Account).

Disclosure

Under the disclosure requirements of the Credit Contracts Act 1981, after your loan is approved and the documentation signed we will send you a Disclosure Statement and a copy of your signed Loan and Security Agreement as well as sending copies of the relevant LSA’s to any guarantors you may have.

Newsletter

We will generally write an article about your project for publication in the Prometheus newsletter (unless you ask us not to for privacy reasons).  We always appreciate any photographs or comments of your own to contribute to such stories.  The newsletter reflects our commitment to transparency and lets our investors know what their funds have been used for.   

Security for your loan

Please note that Prometheus only lends where there is adequate security for a loan.  Please see the Loan Security page for further information about your options before you submit your application.