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