In an Ijarah agreement, the financial institution purchases the property and leases it to the buyer, who pays rent for its use. The buyer gradually makes additional payments to eventually buy the property from the institution. This approach provides flexible payment terms and a gradual transfer of ownership.

• Citizen or permanent residence of Australia
  
• Valid Australian driver license (Learner is not acceptable)
  
• Insaaf Membership Number
  
• Good Credit Score
  
• A guarantor (Citizen of Australia) Note that Insaaf reserves the rights to accept or reject the Guarantor
  
• Minimum 20% upfront (Based on finance assessment, it could be more than 20%)
  
• A caveatable property (Land/house/town-house/apartment/unit)

Liabilities

Last statement for each credit card (if you have one)
Any account closure letters from past 3 months (if you have one)
Last 3 months statement on any other debts (Mortgage, vehicle finance, personal finance etc) (if you have one)

Assets details

Council rates
6 months mortgage finance statement (if you have one)

Proof of citizenship/residency

Australian Passport
Proof of permanent residence

Proof of your residential address

Any utility bills (e.g., gas, electricity, council tax, etc.) with your name and address on them. 
Rental agreement

Application processing fee

It varies $550.00 to $1,500.00 GST excluded (non-refundable)

Facility fee

2.5% of approved finance amount before finance settlement (non-refundable)

Legal fee

Legal fee will be applicable before finance settlement (non-refundable)

Application processing time

Estimated 8-12 weeks. (Please make sure that you have provided all the required documentation, otherwise it could get delayed)

Documentation format

Please ensure that your documents are complete and high-quality scan of the original document. A high-quality
scan is one that is clear, legible, and should be free from poor contrast, shadow, obstruction, blurry and with no cropping or pixilation. Please ensure all the documents in PDF format.