Vendor Finance

What is Vendor Finance?

At Meriton we are able to assist people to purchase our apartments by offering a low cost mortgage loan. Whether you are a resident or non-resident or are buying the apartment for investment or occupation purposes, Meriton is happy to consider an application for financing an apartment. We do not offer Vendor Finance on all of our developments, please contact the sales person at the development you are interested in for more information.

What do we offer?

As we are not a bank or financial institution, Meriton does not provide a range of mortgage loans. Instead we offer one type of mortgage loan that allows some of the flexibility found in more traditional types of loans. Our offer is a 2 year interest only loan at competitive Meriton interest rates coupled with no valuations or valuation fees, no brokerage fees, no early payout fees. We have a comparable application fee and convenient first of the month direct debit for interest repayments. Pre-payment of monthly interest and lump sum principal reductions are allowable. The loan is for up to a 2 year term only and must be discharged or refinanced on expiry. The finance cannot be extended with Meriton beyond the 2 year term. Also, our Vendor Finance is not available on selected retail and commercial properties.

What does it cost?

An application fee of $1000.00 for applications is required to be paid at time of lodging the application. This covers processing costs and paperwork associated with the loan. It is generally only refundable if Meriton decline your application.

How do you apply for Vendor Finance?

An application for Meriton finance should be obtained from the salesperson you are dealing with on the development. In need, one can be obtained directly from Meriton. Once completed, return the application to the salesperson with $1000.00, and any supporting paperwork. You can generally expect an answer within 48 hours from time of receipt by vendor finance.

How it works

Once you have applied and your loan has been approved. The interest rate and the approval are valid until your are required to settle. Unlike a traditional lender, Meriton does not adjust the interest rate on any loan after it is approved. Once you have settled,interest is then payable monthly in arrears by direct debit to your nominated bank account on the first working day of each month. You may discharge your loan penalty free at any stage.

Interested? Want to know more?

Make contact with a salesperson or simply contact Meriton Vendor finance.

Email: vendorfinance@meriton.com.au