Login
Login

Australia’s leading Shariah compliant property finance solutions

MCCA’s Finance Products

MCCA stands apart from any other finance option open to Australia’s Muslims due to its competitive pricing and values-driven ethos. We are committed to providing you with the lowest priced, independently Shariah certified property finance in Australia.

We offer a wide range of property finance for different property financing needs: residential full doc, residential semi/low doc, vacant land, construction, commercial, and development.

Trusted Shariah compliant
Finance Products

All our finance products are independently certified as Shariah compliant. We have been providing Shariah compliant property finance for over 30 years and are fully accredited to do so.

We are a one-stop property finance provider: you will only ever deal with one MCCA staff member for your finance, from application right through to discharge.

MCCA has an strong track record of delivering property finance products for the Muslims of Australia that are:

Reliable

With a 30+ year track record, we provide a compelling Islamic finance option for the Muslims of Australia.

Shariah Compliant

Driven by our Islamic values and ethos, our Shariah advisors ensure all our products are Shariah compliant.

Competitive

Our terms are competitive with the best finance options available on the open market.

Customer-centered

We put our customers first in all we do, and are always available to serve their needs.

Shariah Compliance: Endorsed by leading authorities

Our finance products are based on an Ijarah Muntahia Bittamleek arrangement.  They are developed in conjunction with, and certified by, our Shariah Advisors to ensure that they are Shariah compliant.

The Ijarah Muntahia Bittamleek arrangement has been recognised by a large number of contemporary Muslim scholars and is widely implemented and utilised by Islamic banks and financial institutions around the world.

Learn more → 

Residential Finance: MCCA’s flagship product

MCCA’s residential finance product is the leading choice for Muslims conscious about Shariah requirements regarding their finances. With no early termination fee and a range of suitable features, it is the finance product to consider if you are looking to fulfil your property-ownership goals.

  • Covers a range of residential finance purposes. You can apply for our residential finance product to purchase an established property, refinance from another financial institution, purchase an investment property, build a new home, secure vacant land, or purchase a home and land package. 
  • Term. MCCA finances residential properties for a maximum period of 30 years, with maximum finance amounts up to 90% of the value of the property.
  • Finance amount. From a minimum of $50,000 to a maximum of $2,000,000.
  • Payment options. MCCA offers a variety of payment options, including principal and rental facility fee, deduction from direct or offset accounts, and by way of salary credits.
  • Frequency of payments. Installments can be paid weekly, fortnightly or monthly (subject to the product selection) with no limit on extra payments.
  • Ongoing fees. There are no ongoing/monthly fees to be paid with MCCA finance products.
  • Further options and access. MCCA also offers redraw facilities, offset accounts (subject to product selection) including ATM and EFTPOS transaction access, online access to your account and a VISA debit card option!

Commercial Finance: Powering commercial property transactions

MCCA’s commercial finance is the perfect choice for Muslim individuals or businesses looking to harness the power of Islamic finance to further their goals through property purchase or investment.

  • Powers a range of commercial finance purposes. MCCA’s commercial finance product allows purchase of new properties and refinancing from other financial institutions as well as for debt consolidation and developmental finance purposes.
  • Term. MCCA finances commercial properties for a maximum period of 30 years, with maximum finance amounts up to 70% of the value of the property.
  • Finance amount. From a minimum of $50,000 to a maximum of $25,000,000.
  • Payment options. MCCA offers a variety of payment options, including principal and rental facility fee, deduction from direct accounts, and by way of salary credits.
  • Frequency of payments. Installments can be paid weekly, fortnightly or monthly with no limit on extra payments.
  • Redraw facilities. A redraw facility allows you to access additional repayments that you’ve made on your loan over and above the minimum required repayments. MCCA offers redraw facilities on our commercial finance product.

How MCCA Finance Products work

  1. A potential client / customer approaches us for finance
  2. MCCA conducts a preliminary assessment based on the consumer’s requirements and objectives
  3. Subject to a satisfactory preliminary assessment and verification of information provided, MCCA issues a conditional letter of funding approval on behalf of the Funder* to the client
  4. The client is considered to have been appointed by MCCA as Wakeel to identify a property the client wishes to lease (to own)
  5. The client then identifies the property as Wakeel of the Funder to buy and promises to lease the property (to own) from the Funder*
  6. The client is considered to have entered into a lease arrangement with the Funder* which details the client’s rights to occupy the property.
  7. At the end of the lease agreement, the Funder* will transfer the property title over to the client in the form of a promissory gift (hiba).

*MCCA Asset Management Ltd is considered the Funder for the Tamleek product

  1. Once the property is purchased, the client makes ongoing periodic payments to the Funder, considered to be lease rental payments
  2. The client may purchase the property outright from the Funder at any time during the agreement period by paying the Funder’s outstanding finance amount on the property (which is considered to represent the Funder’s ownership in the property)
  1. The Funder transfers the property title over to the client in the form of a promissory gift (hiba)
  2. If the client chooses to maintain lease arrangement throughout the entire agreed period, on receipt of the last payment the Funder transfers the property title over to the client in the form of a promissory gift (hiba).

Application Process

MCCA’s finance application process is efficient and user-friendly. We know that the purchase of a home can be a challenging journey. Our team is dedicated to working with you to make the financing aspect of your journey as easy as possible, allowing you to get on with planning the details of your dream home.

Once you are ready, you can apply via our Application Form.

  1. Research: Read the information on our website to ensure you understand the MCCA proposition and opportunity
  2. Ask us questions: Ask us any questions you may have by calling us or contacting us via this page
  3. Application: Apply online using the property finance Application Form and provide all relevant documentation. A representative will contact you within 1 business day to finalise the next stages of your application.
  4. Pre-approval: If your financial serviceability is satisfactory, we issue a conditional letter of funding. If you are refinancing, you will move straight to final approval.
  5. Property search: You commence or continue your search for a new property.
  6. Final approval: Once you have identified a suitable property and wish to enter a contract to purchase, we undertake a final assessment and issue a Final Approval.
  7. Settlement: You execute the finance agreement documentation relevant to the MCCA property finance.
Purchasing a home through MCCA finance was a transformative, life changing moment that we are thankful to Allah (SWT) for facilitating
Ramzi Elsayed
Doncaster, VIC
We’ve never regretted our decision to choose MCCA over more mainstream options. MCCA’s customer service has been superb and personable. Always had time for our questions and made the entire process easy
Elsayed S. Kandil
Smithfield, NSW
What I like about MCCA is the great customer service and the professionalism that they provide to their clients, client experience is the real win which you can’t find in most of the businesses these days as well as transparency and never leave your client in dark you can find all these qualities and more with MCCA. Thank you MCCA for my journey with your organisation as a happy client.
Mahmoud Nour
Truganina, VIC

Frequently Asked Questions

If you have a question, you may find the answer below. Otherwise, feel free to contact us if you have a query and our team will be happy to assist you.

Please contact us on 1300 724 734. We will quote you our best rate, tailored specifically for your circumstances.

Please see this question answered above under the section “How our home financing works”.

All MCCA’s property finance products are certified as Shariah compliant by independent Shariah Advisors.

The Shariah construct between you and MCCA (the Funder) reflects an Ijarah Muntahia Bittamleek (lease to own) arrangement.

  • You complete an application form (including all supplementary  documents)
  • We undertake a financial serviceability assessment
  • Subject to a satisfactory preliminary assessment, you are issued a conditional letter of funding approval (pre-approval)
  • In parallel, you are considered to have been appointed as Wakeel (agent) by MCCA/the Funder to identify a suitable property you wish to ultimately own
  • Once you have identified the property to buy (as Wakeel of MCCA/the Funder), you undertake to lease with rights to occupy the property (to own) from the MCCA/the Funder
  • When you take occupancy after purchase, you will make ongoing periodic payments to MCCA/the Funder that are considered to be lease rental (typically via a Direct Debit)
  • You may purchase the property outright from MCCA/the Funder at any time during the agreement period by paying MCCA’s/the Funder’s outstanding ownership in the property (i.e., the outstanding finance amount on the property)
  • If you choose to maintain lease arrangement though-out the whole agreement period, on receipt of the last payment MCCA/the Fund
We appreciate that time is of the essence. Often third parties such as Funders, Funder’s Mortgage Insurers and others such as Valuers, will influence processing times. Subject to you promptly providing all required/requested information in proper form, we are committed to processing your application within the following processing timelines:

Application processing: 3 business days from receipt of information
Funder’s Mortgage Insurance processing: 3 business days from receipt of information
Property valuation processing: 3 business days from receipt of information
Funder’s processing: 3 business days from receipt of information
Mortgage Documentation preparation: 2 business days from receipt of information
Mortgage Documentation execution/return: 2 days business (once received by solicitor)
Arrangement of settlement: 10 business days

Processing of your application will be delayed.

We will not be able to proceed any further with your application if you do not promptly provide all the required/requested documentation/information.

The information we request is mandatory to satisfactorily assess your application to obtain approval (often from Funder’s/Funder’s Mortgage Insurers).

A Non-Resident person is deemed to be any person with Australian citizenship or permanent residency status in Australia but resides and is employed in another country.

To qualify for consideration for a home financing product approval, such a Non-Resident person:

  1. Must be a High Net Worth with net surplus assets greater than AUD500,000
  2. When calculating the net asset position, the inclusion of international assets such as evidenced real estate and/or investments is permitted
  3. For joint applicants where one person is a citizen or permanent resident of Australia residing in Australia and the other client is a Non-Resident as defined, any application for home financing will be assessed under the Standard LMI Underwriting Policy for residents and not under the Non- Resident policy
  4. Non-Resident persons who are self-employed, or are not natural persons do not qualify.
  5. Current income and employment credit assessment standards are to apply. Acceptable evidence of income must be translated into English and converted into Australian Dollars using the current exchange rate
  6. A maximum of 90% of overseas income converted to Australian dollars may be used for serviceability purposes

Yes, an Independent legal advisor registered to practice in that overseas location can witness the signing of the mortgage documents. However, other special requirements would be applicable subject to the relevant state regulations.

Yes, no early exit penalties will be applicable.

Please refer to the following guidance from the Australian government in respect to foreign persons buying residential property in Australia https://firb.gov.au/real-estate

Our home finance products are based on a Shariah understanding of lease arrangement that ends in ownership also known in the Islamic Finance industry as Ijarah Muntahia Bittamleek.

Yes, approved applicants will need to nominate an Australian bank account held in their name(s) from which the agreed finance instalments will be debited.

Under Shariah, Ijarah and Murabaha are considered contracts of exchange (i.e. exchange of right to occupy/use asset for payment of rent/lease or exchange of asset for deferred sale price) and not contracts of participation (i.e. where the parties share the profit or loss in a venture). As such, MCCA is not entitled to share the profit arising from the sale of the property during the Ijarah term and similarly not required to share the loss.

Lenders Mortgage Insurance is an industry standard arrangement which protects investors and funders against loss arising from the insufficiency of the security held to recoup amounts due under the contract. The cost of the Mortgage Insurance can be factored in the total finance facility.

MCCA’s Shariah Advisors have approved the use of LMI on the basis that it is mandatory in the industry particularly for higher risk financing where the amount of finance provided is in excess of 80% of the property purchase price.

Yes, we will be able to refinance your mortgages from any bank.

Anyone, Muslim or non-Muslim can apply for finance, but approval of funds is subject to meeting the applicable assessment criteria in force at the time of application.

The client name will be registered on the title, on the Shariah understanding that during the agreement period that the client will be holding the property as agent of MCCA.

MCCA is an accredited Mortgage Manager. All services will be provided in-house. We are not a broker or an originator.

The funder’s insurer or funder can at any time of the application process ask for any information that they deem is required to conform to their set guidelines.

Initial approval process which provides an estimate of how much a potential client may receive (before identifying the property to be purchased for the client to possess/occupy), based on the information provided to MCCA.

If the property does receive a lower than expected valuation, you may be required to provide a larger deposit for your application to be successful. The MCCA staff member processing your application will communicate the options opened to you with regards to progressing the application.

If the valuation has been received and is not acceptable, as an individual applicant the conditional approval is still open to you however the funder’s insurer and funder will not proceed with this current property that you wish to purchase or refinance as they deem it unsatisfactory in accordance with their guidelines.

The 10% deposit is not required to be paid in until you have received a formal approval letter from MCCA. This letter ensures that the finance application has been approved by all parties to the said finance facility.

No, these are fees that have been paid for the services that the Funder and the Valuer have rendered on your behalf and are therefore non-refundable. The funder’s insurers and funder need a valuation report to be able to assess your application. Paying for a valuation report or for finance processing fee does not mean an automatic approval.

Please feel free to discuss your finance application process with the local Branch Manager on 1300 724 734.

Yes. Please get in touch with us for more information.

Your conditional approval letter has an expiry date which will tell you how long your approval is valid for, in general it is for 90 days.

The application needs to have all new updated documentation and be resubmitted to the various entities when you have found the said property.

(First Home Owners Grant Scheme) This application must be provided to MCCA no later than 3 weeks prior to the matter settling.

If the rental facility fee is variable, then yes it can change.

If you wish to increase your financed amount, then you will need to amend your application to be reassessed again. This may require further documentation to be provided from you.

Yes, we offer finance for commercial properties through the MCCA Income Fund. Please contact us for more information.

Yes. Please contact us for more information.

No, but we hope to introduce this as a future product.

Choose the finance option powering Australian Muslims’ dreams

MCCA’s finance products have been the go-to option for Australia’s Muslim community, allowing thousands of dreams to come true. Join the MCCA family today.

Finance Application

We congratulate you for making the right choice and selecting the halal home loan alternative. Firstly, complete the home mortgage form below. Once you have completed and submitted this form, a dedicated MCCA sales executive will contact you within 1 business day to walk you through the next stage of your application.