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Owner Builder Full Doc, Lo Doc & No Doc
construction1.jpg
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

Loan Purpose

Loans considered for construction off residential and investment and industrials being non Regulated by the UCCC

Loan Features

• 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

Loan Products

Securitize facility or private funding pending on application

Minimum Loan Size

$250k (Subject to the loan scenario and to the LVR) Double security or multiple

Maximum Loan size

$15,000,000 (Subject to the loan scenario and to the LVR) Single security

Loan to Value Ratio

• 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

Minimum Loan Terms

• 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

Maximum Loan Terms

•  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

Loan Repayment Frequency

• Weekly, twice monthly or monthly, day and date can be nominated  for Full & Lo Doc
• Monthly in advance for No Doc

Security Type

Residential and investment for Full Doc and Lo Doc
Residential investment, commercial and industrial for No Doc

Redraw Available

Yes after completion of construction for Full and Lo Doc

Split Loan Available

Yes after completion of construction for Full and Lo Doc

Dynamic Repayment

Yes after completion of construction for Full and Lo Doc

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

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

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. 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


Address

FIRM FINANCE PTY LTD.

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

Licence No 390620