Did you know ?

Many people mistakenly think that Islamic finance is just like regular finance because both use a percentage to determine costs. However, this is a big misunderstanding. The percentage is just a way of calculating the cost, and what really matters is what that percentage signifies.

Like this:

A boat dealer acquires a boat for $1,000 and sells it for $1,200, yielding a $200 profit, equivalent to a 20% gain. Conversely, lending $1,000 and stipulating repayment of $1,200 results in a 20% interest. The Shariah perspective distinguishes the two cases: the 20% profit from selling the boat is deemed permissible, involving risk and ownership, while the 20% interest on a loan is unequivocally prohibited as it signifies Riba, where the lender incurs no effort or risk for the increase.

Gold Halal Home Loan - Full Doc

If you’re buying a new home or thinking about changing your current home loan, we’ve made it easy to figure out what’s best for you.
Your Gold Halal Home Loan, you get to choose between a variable and fixed Ijara rate, whether you’re living in the home or investing. You can borrow up to 90% of the property’s value (with LMI for amounts over 80%). This loan is great for people who want flexibility with their home finance and investment properties.

Features

Finance requirements

PAYG

Minimum employment criteria

Full-Time – Minimum 6 months. If <6months, must have been in continuous employment in the same industry for 12 months.
Part-Time – Refer to Full Time.
Casual – Minimum 12 months with current employment. Employment verification is emphasized.
Second Job – Minimum 12 months in current employment.
Contract – Refer to Full Time with additional Minimum 3 months remaining on the contract.

Self-Employed

Each director, sole trader and partner on the loan must also provide their most recent personal tax return with the most recent Notice of Assessment.

Flexible Halal Home Loan - Lo Doc or Full Doc

If you’re buying a new home or thinking about changing your current home loan, we’ve made it easy to figure out what’s best for you.
Your Flexible Halal Home Loan, you get to choose between a variable and fixed Ijara rate, whether you’re living in the home or investing. You can borrow up to 90% of the property’s value (with LMI for amounts over 80%). This loan is great for people who want flexibility with their home finance and investment properties.

Features

Finance requirements

PAYG

Minimum employment criteria

Full-Time – Minimum 6 months. <6 months can be considered.
Part-Time – Refer to Full Time.
Casual – Minimum 6 months with current employment. <6 months can be considered.
Second Job – Minimum 12 months in current employment.
Contract – Must have worked in the same industry/role for a minimum of 24 months.

Self-Employed

  1. Most recent accountant prepared tax return and recent NOA (individuals)
  2. Most recent accountant prepared financial statements (most current financial year required)

Non-verified Income

Borrower repayment declaration; Plus one of the following:
  1. Accountant’s Letter
  2. 12 months BAS statements
  3. 12 months Trading Statements

Essential Halal Home Loan -

Your Essentials Halal Home has two options for people who want to buy a home or invest in one. You can choose between a variable or fixed Ijara rate. The variable rate may change over time, while the fixed rate stays the same.
Your Essential Halal Home Loan offers competitive rates, but it’s important to know that the approval process is a bit strict. You need to prove your income more thoroughly. You can borrow up to 80% of the property’s value. This loan is a good fit for those who can easily show their income and want flexibility for their home or investment property finances.

Features

Finance requirements

PAYG

Minimum employment criteria

Full-Time – Minimum 3 months. If <6months, must have been in continuous employment in the same industry for 12 months.
Part-Time – Refer to Full Time.
Casual – Minimum 12 months with current employment. If <12 months, must have been in continuous employment in the same industry for 24 months.
Second Job – Minimum 12 months in current employment.
Contract – Must have worked in the same industry/role for a minimum of 24 months.

Self-Employed

Each director, sole trader and partner on the loan must also provide their most recent personal tax return with the most recent Notice of Assessment.
Representative of Australian Mortgage Managers Pty Ltd ABN: 77 0 05455 688 Australian Credit License: 381 438

Important Information:

Halal loans adhere to the principles of Islamic finance, avoiding interest (riba) and unethical or speculative transactions. The provided information is for general purposes only and does not consider your personal circumstances. Past performance does not guarantee future outcomes. It is not an offer or recommendation for any investment or strategy. Before making financial decisions, consider the appropriateness of the information and seek tailored professional advice. The information is believed to be accurate and current at the time of publication, but it can change. No representation or warranty is provided regarding the accuracy or completeness of the information. Islamic Credit Corporation, its employees, officers, and related entities do not accept liability for losses resulting from reliance on this information to the maximum extent permitted by law. Hypotheticals, illustrations, and examples on the website are for illustrative purposes only and should not be the sole basis for individual borrowing decisions.