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

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.