Development / Construction

Overview
• All construction loans are different from normal home loan because it can be drawn in stages rather than a lump sum at settlement.
• These stages are in line with the stages of construction and to the satisfaction of our valuer.
• The loan is normally at a variable rate during construction, and you normally make interest payments on the amount drawn down only.

Target
Individuals (PAYG or self-employed), Investors, Companies, Partnerships or Trusts

Loan Purpose
Loans considered for construction being residential/commercial development and subdivisions

Loan Features
Loans give freedom to build, develop or take part i the project
Split loans available up to four (4) accounts to a minimum of 10K after completion

Loan Products
All facility included line of credit after completion

Minimum Loan Size	$50k (Subject to the loan scenario and to the LVR) Double security
Maximum Loan size	$15 mil(Subject to the loan scenario and to the LVR) Single security
Loan to Value Ratio	Loans are available up to 70% of the “upon completion” valuation prepared by a Panel valuer or 85% of development costs, whichever is the lesser. (Most lenders will Only lend a maximum of 75% of construction costs).
Minimum Loan Terms
Maximum Loan Terms	Generally 12 months and then payable on Victorian Securities giving 30 days notice. Loans can be tailored to coincide with the construction lifespan
Loan Repayment Frequency	Half yearly interest in arrears strictly payable via direct debit by 31 March and 30 September
Security Type	Residential investment, Commercial property
Redraw Available	N/A
Split Loan Available	N/A
Dynamic Repayment	Yes after completion of construction N/A
Additional Repayment	N/A
Loan statements	Issued Half Yearly (But you can ask us when required we will mail them to you charges apply).
Documentation Required	Subject to the loan purpose, please call 1300 790 909 for more details
Financial Information	Borrowers who can demonstrate serviceability with up to date detailed financial statements covering the last 12 months
Qualifying Interest Rate	Please call our consultant on 1300 790 909 for more details
Other Conditions	A. Prime loans Borrowers must demonstrate serviceability with up to date detailed B. Lo Doc & Uninsured Borrowers must be self employed or an Investor , has an ABN number and registered for GST in business for the past 2 years for (Lo doc Loans) C. Income declaration and asset & Liabilities statement is required regardless D. Cost to complete remain to be held till we are satisfied with the work completed