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Non Bank Lender: Low Doc Residential and Commercial Construction Loan
Rates From 9.35% Variable
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DOES YOUR LENDER/BROKER PROVIDE YOU WITH THIS INFORMATION?
Our Fact Sheets provide in-depth information that is generally not available from any other source (INCLUDING the Lender).
They have been designed so that prospective borrowers have access to ALL of the information they need to make an informed
decision regarding the suitability of the loan to meet their requirements.
To properly evaluate a loan, we believe that full disclosure of the following information is critical to the decision making process:
- What are the loan features?
- How much will it cost to set up the loan?
- What are the interest rate options and ongoing fees?
- How much will it cost to discharge the loan?
- What documents will I need to supply to apply for this loan?
DOES YOUR LENDER/BROKER PROVIDE YOU WITH THIS INFORMATION?
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Features
FREE SERVICE - Rates, Costs and Fees are EXACTLY the same as if you had dealt with the Lender direct.
NO BAS STATEMENTS, BANK STATEMENTS or TAX RETURNS required. Accountants income sign off in lieu.
MAJOR FEATURES:
- Suitable for DEVELOPERS.
- NO pre-sales required.
- Fixed Price Building Contracts only ... NICHE: Building company CAN be associated with Borrower.
- Interest charged on drawn down balance (via Progress Draws) - Interest Only facility.
- Individuals, Companies, Unit Trusts or Discretionary Trusts on Title are all permissable.
- Defaults paid more than 2 years ago (less than $5,000 each) OR a current default of less than $5,000 is acceptable.
- Will lend max 70% of "on completion" value (excluding GST) for Residential Securities (65% Commercial) OR 80%
of "hard costs" (whichever is the lesser).
FOR EXAMPLE:
$300,000 Land Value, $400,000 Build Cost = $700,000 "Hard Costs" - Max Lend = $560,000 (80%)
Valuer assigns ex GST "on completion" value of $1,000,000 - Max Lend = $700,000 (70%)
MAX LOAN will be $560,000 in this instance.
Max amount released at Settlement will be Loan amount LESS Build Cost plus a 5% contingency.
GENERAL CONSTRUCTION GUIDELINES:
All Applications are assessed on their own merits (depending on background/experience of Applicant/s) but
general guidelines are:
- 12 month initial Term - rollover / take-out possible depending on loan conduct and current Policy (fees may apply).
Longer initial Term considered (max 2 years) with provable reasons.
- Any METRO postcode listed on THIS LIST is acceptable OR
- Any REGIONAL postcode listed on THIS LIST is acceptable AND
town is within 150 kms of a METRO postcode.
- Maximum of 6 Dwellings on a single Title - must be subdivided/strata'd prior to final drawdown.
- If BUILD COST exceeds $500,000, a Quantity Surveyors Report is generally required ... we recommend that you
budget $2,500 for initial Report plus $1,000 per drawdown. If less than $500,000, standard valuation usually applies.
- No Specialised Security-Dwelling must be "mutli use" (eg: NO Child Care Centres, Petrol Stations, Nursing Homes etc).
- WA Loans restricted to $500,000 in total (regardless of LVR).
OTHER GUIDELINES:
- Must be Self Employed for at least 2 years with an ABN active for at least 12 months (GST registered if income
exceeds $75,000).
- Excluded Borrowers / Situations:
- Will not refinance any Loan that is subject to formal Legal proceedings.
- Will not consider undischarged Bankrupts or Borrowers in Part X arrangements.
- Will not consider Borrowers who are Directors of companies under External Administration.
- "Cash Out" NOT allowed.
- PAYG Co-Applicants allowed (must provide full income proof).
- Default Policy:
- All outstanding Defaults must be paid or paid out from Loan proceeds.
- Telco / Utility Defaults (max of 2 totalling < $1,000) are ignored.
- Mortgage Arrears Policy:
- Generally, no missed/late payments in last 12 months but will consider if a few days late on 1 or 2
occassions (with written explanation).
- No Favourable Purchases Allowed.
Fees
Approximately $1,000 which includes Valuation, Lenders Legals and Title Insurance.
Quantity Surveyor Fees additional if Build Cost exceeds $500,000.
Settlement Fees (taken from loan proceeds) - These fees cannot be capitalised (added to the Loan):
- Application Fee of 1.25% of loan amount (minimum $890)
No Lender's Mortgage Insurance or Risk Fees.
Ongoing Fees: $150 pa (For loans covered by the
NCCP
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As of the 1st July 2010, new Credit Legislation was introduced called the "National Consumer Credit Protection Act" (the "NCCP").
If you are a Personal Borrower who borrows money for the purpose of purchasing or refinancing a residential home (whether it be owner occupied or rented out)
then you ARE covered by the Legislation. If you borrow money for the purpose of purchasing or refinancing Commercial Property, then you
are NOT covered by the Legislation. Similarly, if your borrow money in a Company Name to purchase or refinance ANY type of property,
then you are NOT covered by the Legislation.
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), else $350 pa.
Government stamp duties and other government charges may apply.
Discharge Fees (For loans covered by the
NCCP
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As of the 1st July 2010, new Credit Legislation was introduced called the "National Consumer Credit Protection Act" (the "NCCP").
If you are a Personal Borrower who borrows money for the purpose of purchasing or refinancing a residential home (whether it be owner occupied or rented out)
then you ARE covered by the Legislation. If you borrow money for the purpose of purchasing or refinancing Commercial Property, then you
are NOT covered by the Legislation. Similarly, if your borrow money in a Company Name to purchase or refinance ANY type of property,
then you are NOT covered by the Legislation.
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):
- $765 Flat Fee plus Solicitors Costs "at cost" (total should not exceed $1,500)
Early Repayment/Discharge Fees (For loans NOT covered by the
NCCP
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As of the 1st July 2010, new Credit Legislation was introduced called the "National Consumer Credit Protection Act" (the "NCCP").
If you are a Personal Borrower who borrows money for the purpose of purchasing or refinancing a residential home (whether it be owner occupied or rented out)
then you ARE covered by the Legislation. If you borrow money for the purpose of purchasing or refinancing Commercial Property, then you
are NOT covered by the Legislation. Similarly, if your borrow money in a Company Name to purchase or refinance ANY type of property,
then you are NOT covered by the Legislation.
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- eg: Commercial property or Company
on Title):
- $1,325 Flat Fee plus Solicitors Costs "at cost" (total should not exceed $2,250)
PLUS
- If the loan is repaid (for any reason) prior to Term OR a Principal Reduction is accepted prior to the
scheduled Term of the Loan, then a Early Repayment Penalty Fees may apply (case by case).
In all cases, Break Costs may apply if a Fixed Loan is repaid during the Fixed Term.
Paperwork you will need to provide to apply for this Loan
ALWAYS REQUIRED
A signed Income Declaration is always required.
An Accountants Letter is also required (we will supply). Accountant must sign off on an income figure.
It will ask for confirmation as follows:
- That Accountant has been your Accountant since xx/xx/xx and is your current Accountant.
- That you have applied for a loan of $x over x years with payments of $x per month at a rate of x.xx%.
- That you have stated an income of $x.
- That, based on your Accountants knowledge, you can repay the loan without substantial hardship.
- That you are a registered Tax Payer and that your Accountant assisted with most recent Tax Return.
JP Certified 100 point ID for each applicant (usually a Passport or Birth Certificate PLUS a Drivers Licence).
Full copy of Trust Deed (if applicable).
If reliant on rental income, current lease agreement OR recent managing agent statement OR letter from
real estate agent is required.
$300 Fee to cover Valuation (non refundable) - payable by Credit Card.
CONSTRUCTION DOCUMENTATION
Fixed Price Building Contract.
Full Building Specifications.
Full Plans (Council approved prior to drawdown).
Appropriate Insurances.
IF YOU ARE PURCHASING LAND AS PART OF THE PROJECT
Signed and dated Copy of the Contract of Sale.
Evidence that you have sufficient funds to cover the Deposit and Purchasing Costs (eg: Bank Statement).
IF YOU ARE REFINANCING
Latest Rates Notice(s) on the Property(s) being offered as Security.
Last TWELVE months Home Loan Statements on all Loans being refinanced. Latest statement CANNOT be older than
1 month. Some GENUINE bank statements are required (ie: cannot provide all statements as Internet printouts,
does not matter how old genuine statements are).
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CLEAR CREDIT
- Unlimited Credit enquiries.
- All outstanding Defaults must be paid or paid out from Loan proceeds.
- Telco / Utility Defaults (max of 2 totalling less than $1,000) are ignored.
- No history of Bankruptcy.
- No Mortgage arrears allowed.
MINOR CREDIT IMPAIRMENT
- Unlimited Credit enquiries.
- All outstanding Defaults must be paid or paid out from Loan proceeds.
- Telco / Utility Defaults (max of 2 totalling less than $1,000) are ignored.
- Defaults paid more than 2 years ago (less than $5,000 each) are ignored.
- 1 other Default (paid or undpaid).
- No history of Bankruptcy.
- No Mortgage arrears allowed.
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Product 1 - RESIDENTIAL SINGLE PROPERTY CONSTRUCTION:
Application Fee of 1.25%.
Maximum LVR: 75% of "on completion value" (ex GST) or 80% of Hard Costs (whichever is lower).
Interest Rates (Variable) for loan amounts to $750,000 - Clear Credit:
- 65.00% LVR and less: 9.35%
- 65.01% to 70.00% LVR: 9.45%
- 70.01% to 75.00% LVR: 9.55%
Interest Rates (Variable) for loan amounts to $750,000 - Minor Credit Impairment:
- 65.00% LVR and less: 9.45%
- 65.01% to 70.00% LVR: 9.55%
- 70.01% to 75.00% LVR: 9.65%
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Product 2 - RESIDENTIAL MULTIPLE (up to 6 Dwellings) PROPERTY CONSTRUCTION:
Application Fee of 1.50%.
Maximum LVR: 70% of "on completion value" (ex GST) or 80% of Hard Costs (whichever is lower).
Interest Rates (Variable) for loan amounts to $750,000 - Clear Credit:
- 60.00% LVR and less: 9.50%
- 60.01% to 65.00% LVR: 9.60%
- 65.01% to 70.00% LVR: 9.70%
Interest Rates (Variable) for loan amounts to $750,000 - Minor Credit Impairment:
- 60.00% LVR and less: 9.60%
- 60.01% to 65.00% LVR: 9.70%
- 65.01% to 70.00% LVR: 9.80%
Maximum RESIDENTIAL LVR: 65% of "on completion value" (ex GST) or 80% of Hard Costs (whichever is lower).
Interest Rates (Variable) for loan amounts of $750,001 to $1,500,000 - Clear Credit:
- 60.00% LVR and less: 10.00%
- 60.01% to 65.00% LVR: 10.10%
Interest Rates (Variable) for loan amounts to $750,001 to $1,500,000 - Minor Credit Impairment:
- 60.00% LVR and less: 10.10%
- 60.01% to 65.00% LVR: 10.20%
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Product 3 - COMMERCIAL SINGLE PROPERTY CONSTRUCTION:
Application Fee of 1.25%.
Maximum LVR: 70% of "on completion value" (ex GST) or 80% of Hard Costs (whichever is lower).
Interest Rates (Variable) for loan amounts to $750,000 - Clear Credit:
- 60.00% LVR and less: 9.50%
- 60.01% to 65.00% LVR: 9.60%
- 65.01% to 70.00% LVR: 9.70%
Interest Rates (Variable) for loan amounts to $750,000 - Minor Credit Impairment:
- 65.00% LVR and less: 9.60%
- 65.01% to 70.00% LVR: 9.70%
- 70.01% to 75.00% LVR: 9.80%
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Product 4 - COMMERCIAL MULTIPLE (up to 6 Dwellings) PROPERTY CONSTRUCTION:
Application Fee of 1.50%.
Maximum LVR: 70% of "on completion value" (ex GST) or 80% of Hard Costs (whichever is lower).
Interest Rates (Variable) for loan amounts to $750,000 - Clear Credit:
- 60.00% LVR and less: 10.00%
- 60.01% to 65.00% LVR: 10.10%
- 65.01% to 70.00% LVR: 10.20%
Interest Rates (Variable) for loan amounts to $750,000 - Minor Credit Impairment:
- 60.00% LVR and less: 10.10%
- 60.01% to 65.00% LVR: 10.20%
- 65.01% to 70.00% LVR: 10.30%
Maximum LVR: 65% of "on completion value" (ex GST) or 80% of Hard Costs (whichever is lower).
Interest Rates (Variable) for loan amounts of $750,001 to $1,500,000 - Clear Credit:
- 60.00% LVR and less: 10.50%
- 60.01% to 65.00% LVR: 10.60%
Interest Rates (Variable) for loan amounts to $750,001 to $1,500,000 - Minor Credit Impairment:
- 60.00% LVR and less: 10.60%
- 60.01% to 65.00% LVR: 10.70%
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60% LOW DOC LOANS
BANK LOAN - 6.48% Variable / 7.04% CR (option to transfer to 6.03%+ after 2 years of good repayment conduct (rate could vary upwards by as much as 0.10% depending on amount borrowed and LVR)
BANK LOAN - $500,000+: 6.30% (6.46% CR) to 75% LVR, 6.36% (6.52% CR) 75.01%-80% LVR
$250,000-$499,999: 6.36% (6.52% CR) to 75% LVR, 6.41% (6.57% CR) 75.01%-80% LVR
$250,000 or less: 6.46% (6.62% CR) to 75% LVR, 6.56% (6.72% CR) 75.01%-80% LVR
NON BANK LOAN - Max 60% LVR: 6.51% Variable / 6.87% CR loans to $499,999
6.41% Variable / 6.77% CR for loans $500,000+
BANK LOAN - 6.35% Variable / 6.40% CR
BANK LOAN - 6.50% Variable / 6.64% CR
BANK LOAN - Rates From 6.39% Variable / 6.65% CR, Fixed Rates available (1-5 Years)
BANK LOAN - 7.50% Variable
BANK LOAN - 7.59% Variable, Fixed Rates available (1-5 Years)
NON BANK LOAN - Rates From 8.65% Variable
NON BANK LOAN - Rates From 7.84% Variable
NON BANK LOAN - Rates From 8.25% Variable, Fixed Rates available
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80% LOW DOC LOANS
BANK LOAN - 6.98% Variable / 6.84% CR (option to transfer to 6.08%+ after 2 years of good repayment conduct (rate could vary upwards by as much as 0.15% depending on amount borrowed and LVR)
BANK LOAN - Rates From 6.39% Variable / 6.65% CR, Fixed Rates available (1-5 Years)
BANK LOAN - $500,000 and above - 6.49% variable / 6.68% CR
$250,000 to $499,999 - 6.59% variable / 6.78% CR
Under $250,000 - 7.19% variable / 7.38% CR
BANK LOAN - 6.50% Variable / 6.64% CR
NON BANK LOAN - 60.01% to 80% LVR: 6.76% Variable / 7.12% CR loans to $499,999
6.66% Variable / 7.02% CR for loans $500,000+
BANK LOAN - 7.59% Variable, Fixed Rates available (1-5 Years)
NON BANK LOAN - Rates From 8.65% Variable
NON BANK LOAN - Rates From 7.84% Variable
NON BANK LOAN - Rates From 8.25% Variable, Fixed Rates available
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COMMERCIAL LOW DOC LOANS
BANK LOAN - Rates From 8.69% Variable, 7.79% Fixed 1 Year
NON BANK LOAN - Rates From 8.90% Variable, Fixed also available (call for current rates)
RESIDENTIAL AND COMMERCIAL CONSTRUCTION LOW DOC LOANS FOR DEVELOPERS
NON BANK LOAN - Rates From 9.35% Variable
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