Development Loans - Lo Doc
Loans requiring self-certification and accountant's supporting letter.
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Owner Builder
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Multi-unit Development
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Commercial Development
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Purpose
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Owner Occupier
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Yes
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No
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Yes
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Investment
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Yes
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Yes
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Yes
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Purchase
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Yes
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Yes
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Yes
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Refinance
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Yes
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Yes
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Yes
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Construction
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Yes
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Yes
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Yes
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Vacant Land
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Yes
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Yes
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Yes
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Business/equity release
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Yes
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No
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Yes
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Lending Criteria
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Max. Loan Value
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$1,000,000
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$2,000,000
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$5,000,000
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Max. Loan % (LVR)
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80%
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75%
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70%
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Acceptable Security
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Residential
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Residential
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Residential or commercial
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Mortgage Insurance
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Nil
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Nil
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Nil
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Savings/equity
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20% borrower's own funds
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25% borrower's own funds
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30% borrower's own funds
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Income History
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Employees
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Fully verified income with 2 years continuous employment
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N/A
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N/A
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Self-employed
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Self-certify or accountant's letter. Min. 2 years S/E.
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Self-certify or accountant's letter. Min. 2 years S/E.
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Self-certify or accountant's letter. Min. 2 years S/E.
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Credit History
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Baycorp report
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Minor arrears and defaults
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Minor arrears and defaults
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Minor arrears and defaults
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Repayment
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Term Maximum
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40 yrs
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3 yrs
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5 yrs
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Principle & Interest
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Yes
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Yes
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Yes
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Interest Only
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Up to 5 years
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Yes
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Yes
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