Certain events could mean you need to update your loan agreement with RIC by submitting a variation request.
You will need to notify us when your circumstances change or when an update is required to your loan structure.
Examples of when you will need a variation request include:
- change of property ownership
- amendment to the borrower
- additional mortgages / consent to mortgage
- subdivision of land / change to the title particulars
- change in Deed of Priority
- changes to agreements between RIC and your commercial lender/s
- new leases or easements on your land
You will also need to request a variation if you want to:
- defer interest payments and / or principal payments
- change the frequency of your interest payments
- change the principal repayment structure, repayment cycle, timing, or amount
Our standard processing times are approximately 8 weeks.
Our assessment team will confirm processing times with you upon receiving your request.