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Development / Construction
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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 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
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Minimum Loan Size
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$50k (Subject to the loan scenario and to the LVR) Double security
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Maximum Loan size
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$15 mil(Subject to the loan scenario and to the LVR) Single security
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Loan to Value Ratio
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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).
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Minimum Loan Terms
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Maximum Loan Terms
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Generally 12 months and then payable on Victorian Securities giving 30 days notice.
Loans can be tailored to coincide with the construction lifespan
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Loan Repayment Frequency
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Half yearly interest in arrears strictly payable via direct debit by 31 March and
30 September
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Security Type
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Residential investment, Commercial property
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Redraw Available
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N/A
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Split Loan Available
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N/A
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Dynamic Repayment
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Yes after completion of construction N/A
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Additional Repayment
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N/A
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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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Borrowers who can demonstrate serviceability with up to date detailed financial statements covering the last 12 months
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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
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
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= Required
