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Prime & Lo Doc Construction

Prime & Lo Doc Construction


• 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.

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



Level 2 / 124 Exhibition Street
Melbourne VIC 3000
Phone: +613 9654 9090
Fax: +613 9654 9098
Mobile: +61 418 553 009

Licence No 390620