Product Update (effective 1 December 2009) Income Producing Commercial Property Delivered from 10.25%					Owenlaw Mortgage Investment 55–57 Cardigan Place, Albert Park, Victoria 3206 Postal address: PO Box 216, Albert Park, Victoria 3206 Telephone 1300 856 600 Facsimile 1300 856 685 Email Click here to send an email
•	Residential, Commercial and Construction		•	Maximum 70% LVR
•	First Mortgage only		•	Establishment fee: 1% of the loan amount
•	Maximum 2 years but renewable thereafter		•	Trail commission paid monthly
•	Loan size: $75,000 to $6 million		•	Short term loans available
•	Metropolitan and Major Regional Centres		•	Fast approval & settlement
•	Early repayments available

Loan Ratios
	Property Type	Capital Cities1 Current Market Value (CMV)	Major Regional Centres 2 (CMV)
	Residential – Luxury	60%	50%
	Residential Investment	70%	60%
	Commercial	70%	60%
	Construction - Residential	66.6%	-
	Construction - Commercial	66.6%	-
1.	Capital Cities = Metropolitan Melbourne, Sydney, Brisbane, & Adelaide.
2.	Major Regional Centres = VIC – Ballarat, Mildura, Bendigo, Shepparton & Whittlesea QLD – Beenleigh, Gold Coast, Toowoomba, Hervey Bay, Bundaberg, Gladstone, Rockhampton, Cairns & Townsville. SA – Victor Harbour, Murray Bridge & Mount Gambier NSW - Coffs Harbour, Lismore, Batemans Bay, Albury & Wagga Wagga.

Security which is Not Acceptable:
•	Properties of a specialised nature e.g. hotels, motels, rural property in NSW, petrol stations, specialised zoned properties, income producing farm land, water rights.
•	Owner-Builder construction projects
•	All Property in Western Australia, Canberra & Northern Territory
•	Credit Code loans
•	Vacant land

Delivery Rates
	Property Type	*Delivery Rate
	Residential – Luxury	8.50%
	Residential Investment	8.50%
	Commercial	8.50%
	Construction – Residential	9.75%
	Construction – Commercial	9.75%
*	Delivery Rate does not include a trailing commission or upfront fees. Add your trailing commission to the delivery rate. We will require a mandate to be signed by the borrower for any upfront commission which will be deducted at settlement.

Serviceability:
In addition the borrower must establish that they have the income or cash flow available to them to be able to pay our interest every month. This can be proven as follows:
1.	Original copies of ATO tax assessment notices and Tax returns for the previous 2 financial years;
2.	Copy of the income tax running balance account issued by the ATO for the past 4 years;
3.	6 months historic bank statements showing the declared income being credited to that account;
4.	A copy of the past 6-months bank statements for the loan if it is being re-financed;
5.	In the case of the Borrower declaring rental income, we will require the past 6 months rent statements along with a copy of the lease.
6.	Copy of assets & liabilities statements on all Borrowers/Guarantors.
Additional information required for a construction loan:
1.	A copy of the fees schedule for the development, inclusive of council contribution fees, contingency, professional fees, stamp duty, legal fees and marketing.
2.	Builder’s résume.
3.	Details of presales.
4.	Description of the proposed development.
5.	Project feasibility.
6.	Copy of plans, permits and contract of sale.

Security:	First Mortgage only Directors’ guarantees to support a company borrower Debenture charge from a company borrower will be required Collateral security may be required
Fees (excluding GST):	1% establishment fee
Repayments:	Loans are offered on an interest only basis, interest payable monthly. Part principal repayments allowed.
Applications:	All loan applications must be made on an Owenlaw Application Form.