ORDE Financial is excited to announce a new addition to their product range, Residential Construction loans, designed specifically in response to broker feedback.
They are offering a construction product that’s flexible, simple, and delivered quickly by an experienced credit team.
You can find all the important details below.
Key product features
- Loans up to $2,000,000
- Cat 1 and Cat 2 locations up to 80% LVR
- Prime & Near Prime profiles
- Full and Alt Doc income verification
- Owner-occupied and investment
- Up to 5 years’ interest only
- Rates from 8.59%
- Interest rate automatically reverts to standard Residential interest rate (Full or Alt Doc) following construction completion
- No clawback
You can find full details about their Residential Construction loans in the ORDE Product Guide.
Commission structure
Given the unique structure of Residential Construction Loans, commissions for this product will be set at a fixed rate of 0.50% upfront and 0.25% trail, excluding GST. As with all ORDE products, there is no clawback of commission.
Target Market Determination (TMD)
ORDE Financial developed a comprehensive Target Market Determination for this product, which outlines the intended market and suitability criteria.
Click here to view the TMD for Residential Construction loans on their website.
Ongoing support for brokers
As part of their commitment to providing brokers with the support and education they need to better service their customers, ORDE Financial will be hosting a nationwide Construction loans webinar in September for all their accredited brokers.
If you have any questions, refer to your BDM.
