| Owner Builder Full Doc, Lo Doc & No Doc |
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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 construction stages and to our satisfaction
• The loan is normally at a variable rate during construction, and you normally make interest payments on the amount drawn
Target
• Full Doc Individuals (PAYG or self-employed), Investors, Companies, Partnerships or Trusts.
• Lo Doc self-employed), Investors, Companies, Partnerships or Trusts
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Loan Purpose
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Loans considered for construction off residential and investment and industrials being non Regulated by the UCCC
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Loan Features
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• Ideal for owner builder Borrower it give them freedom to Build ,develop or take part in the project
• This is a Draw down facilities payment only on the work completed
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Loan Products
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Securitize facility or private funding pending on application
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Minimum Loan Size
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$250k (Subject to the loan scenario and to the LVR) Double security or multiple
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Maximum Loan size
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$15,000,000 (Subject to the loan scenario and to the LVR) Single security
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Loan to Value Ratio
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• 75% to 1,200,000 (Full Doc )Mortgage insured (Payable by borrower)
• 70% to 5,000,000 (Lo Doc only) Mortgage insured (Payable by borrower)
• 65% to 15,000,000 (No Doc ) Ni
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Minimum Loan Terms
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• Full Doc and Lo Doc Interest only from 1year to 15 years and (P&I thereafter) to 40 yrs
• Full Doc and Lo Doc Fixed Rates from 1year to 15 years and (P&I thereafter) to 40 yrs
• No Doc Interest only from 1-2 years
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Maximum Loan Terms
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• Full Doc and Lo Doc Interest only from 1year to 15 years and (P&I thereafter) to 40 yrs
• Full Doc and Lo Doc Fixed Rates from 1year to 15 years and (P&I thereafter) to 40 yrs
• No Doc Interest only from 1-2 years
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Loan Repayment Frequency
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• Weekly, twice monthly or monthly, day and date can be nominated for Full & Lo Doc
• Monthly in advance for No Doc
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Security Type
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Residential and investment for Full Doc and Lo Doc
Residential investment, commercial and industrial for No Doc
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Redraw Available
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Yes after completion of construction for Full and Lo Doc
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Split Loan Available
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Yes after completion of construction for Full and Lo Doc
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Dynamic Repayment
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Yes after completion of construction for Full and Lo Doc
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Additional Repayment
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Principal reductions accepted with minimum of $5,000 each time on the principal part if any
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Loan statements
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Issued Half Yearly (But you can ask us when required we will mail them to you charges apply).
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Documentation Required
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Subject to the loan purpose, please call 1300 790 909 for more details
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Financial Information
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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)
No Doc null required but exit strategies must be displayed and to be satisfactory
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Qualifying Interest Rate
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Please call our consultant on 1300 790 909 for more details
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Other Conditions
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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. No Doc null required but exit strategies must be displayed and to be satisfactory
D. All Construction must be 100% insured by LMI exlude private funds.
E. Income declaration and asset & Liabilities statement is required regardless of the LVR
F. Cost to complete remain to be held till we are satisfied with the work completed
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= Required
