Prime & Lo Doc 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 and investment being regulated or non Regulated by the UCCC
Loan Features	• Loans give freedom to Build ,develop or take part in 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 Double and multiple security acceptable
Maximum Loan size	$15,000,000 (Subject to the loan scenario and to the LVR) Single security
Loan to Value Ratio	90% to 1,200,000 (Full Doc )Mortgage insured (Payable by borrower) 80% to 1,200,000 (Lo Doc only) Mortgage insured (Payable by borrower) 70% to 1,200,000 (Both Doc ) Mortgage insured (Payable by borrower)
Minimum Loan Terms	Interest only from 1year to 15 years and (P&I thereafter) to 40 yrs Fixed Rates from 1year to 15 years and (P&I thereafter) to 40 yrs
Maximum Loan Terms	40 years Principal & Interest
Loan Repayment Frequency	Weekly, twice monthly or monthly, day and date can be nominated
Security Type	Residential vacant land and rural residential being occupier \ investment
Redraw Available	Yes after completion of construction
Split Loan Available	Yes after completion of construction
Dynamic Repayment	Yes after completion of construction
Additional Repayment	Principal reductions accepted with minimum of $5,000 each time on the principal part if any
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 financial statements covering last 12 months + 4 pay slips for (Full doc Loans) B. Lo Doc & Uninsured Borrowers must be self employed or an Investor , has an ABN number and registered for GST and in business for the past 2 years for (Lo doc Loans) C. All Construction must be 100% insured by LMI D. Income declaration and asset & Liabilities statement is required regardless of the LVR E. Cost to complete remain to be held till we are satisfied with the work completed