Standard Strata Loan
Firstrata Finance offers loans directly to your strata scheme, not to individual owners or the Strata Manager.
Our strata loans are unsecured: there are no mortgages, liens, charges or caveats on individual units, and there is no requirement for individual owners or committee members to provide guarantees. All loans to ‘primarily residential’ strata schemes are regulated by the National Credit Code.
A Standard Strata Loan gives your owners corporation immediate access to approved funds for essential works or major projects — without waiting for levies to be raised or collected.
It’s a straightforward way to fund building works while giving owners the option to contribute their share through levies over time. Loans anywhere from $250k to $10m+ for residential and/or commercial strata schemes. It is a simple process, there is one loan only, and multiple drawdowns at no extra cost.
Product Parameters
| Facility Type | Strata Standard Loan |
|---|---|
| Loan Purpose | Remediation works, building upgrades, legal costs, insurance premiums, external works, plant & equipment refurbishment, refinancing of expensive loans |
| Minimum Loan Amount | $250,000 |
| Maximum Loan Amount | $10m, or as otherwise agreed with Firstrata |
| Minimum No. Lot | 5 |
| Loan Term | 2 years Minimum, 15 years Maximum |
| Interest Rate Type | Variable |
| Interest Only | Up to 2 years |
| Repayment Frequency | Monthly in arrears |
| Accelerated Repayments | Yes |
| Loan Drawdowns | Lump sum or multiple progressive drawdowns at no extra cost |
| Commercial Strata Loans | Yes |
| Company Title Loans | Yes |
| Security | Unsecured |
| Additional Advances | Yes, subject to loan application assessment |
| Upfront fees and charges | Application Fee - $500 |
| Number of Loan Accounts | Only one loan account and one monthly repayment, regardless of the number of progressive loan drawdowns |
Standard Loan Process
Why Choose a
Standard Strata Loan?
- Immediate access to funds
- Keeps essential works moving
- Avoids delays caused by levy collection
- Designed specifically for strata schemes
- Clear process and ongoing support
Best suited for
- Medium to large strata projects
- Schemes needing funds quickly
- Owners who want to spread their financial commitments over time
Our loan products are designed with flexibility at their core, each of our loan products can be used for a variety of reasons, including:
Defect Rectification
Flammable Cladding, Water Ingress,
Structural Issues, Fire Orders.
Refurbishments
Lifts, Air-Conditioning, Electrical & Hydraulics, Painting, Balconies & Balustrades, External Works, Security Enhancements, Technology Upgrades, Emergency Repairs, Residential Airspace Development.
Other Purposes
Insurance Premiums, Litigation, Green Initiatives.
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Standard Strata Loan
Frequently Asked Questions
What is a Standard Strata Loan?
A Standard Strata Loan is a loan taken out by the owners corporation, not individual owners. Once approved, funds are drawn down and used to pay project invoices or costs as they arise.
The loan is repaid via strata levies in line with the loan agreement, spreading the cost of works across lots and time.
Can we repay the loan early?
Yes, the loan can be repaid at any time without penalty.
Can we draw the loan in multiple instalments?
Our Standard Loan can accommodate multiple loan drawdowns over a 12-month period.
What fees and charges apply?
Application Fee - $500