Alt Doc Rural Loan Facilities


Who is this for?

Uncoded Loans – Business Purposes – Non NCCP Loans

LVR:
Up to 60% LVR

Terms:
1-15 year loan terms

Rates From:
8.25% to 9.55%

Zoning:
Rural and Rural Residential Only

Geographical Limitations to:
The Eastern Seaboard of Australia

Borrowing Entities:
Companies and Trusts

Unacceptable Securities:
Restrictive / Specialised Use incl kit homes, time share, serviced apartments or resorts
Flood prone areas, affected by power lines, railway lines, highways or other infrastructure
Company shares, company title, stratum title, mining lease, crown lease (except ACT) or leasehold interests
Securities affected by Native Title, Heritage orders ore restrictive covenants
More than 4 or 20% of any single development
Residual developer stock where unsold stock represents exceeds 15% of the total development
Partially completed dwellings where the incomplete construction is more than 20% of the total of the construction cost
Properties with selling period of greater than 6 months
Housing for seniors, disabled, religious connotations or childcare
Studio apartments < 55m sq
Luxury/Premium properties representing top 10% in that particular market

Purpose:
Purchase / Refinance / Consolidation
Business or Investment

Servicing Requirements:
Financial Declaration as to income which demonstrates they can meet their loan repayments without financial hardship & accountant verification by way of certificate
6 months business and personal bank statements & 6 months statements for any other credit facilities
Projections and Actual’s to Date

Clawbacks:
Not Applicable as no trailer income is paid

Credit Impairments:
On a case-by-case basis

Lenders Settlement:
2.2% from settlement

Union Fidelity:

1.1% from settlement. 0.1% of loan amount Processing Fee. (min $990)

Introducing Broker:
1.1% from settlement

Valuations:
Valuations will be undertaken on the basis of land + fixed non-specialised buildings excluding chattels, crops, irrigation, water allocation.
All valuations will be undertaken on the basis that the property is readily salable within a 6 month period.

Legal Fees
Std Fees From $880 with no existing mortgage