LOW DOC CONSTRUCTION LOAN TO 80% LVR
If you are self employed and you do not have up to date company or personal tax returns then a low doc loan may be the right solution for your lending needs if you are constructing a house and using a licensed builder.
- Low Doc Residential Construction loans available to Self Employed Borrowers
- Borrow up to 80% of the properties value depending on location
- Standard Residential Property (must be zoned residential or rural residential)
- Terms up to 40 years with up to 5 years interest only
- Owner occupied and Investment
- Individuals, companies and trusts
- Large range of lenders to find a suitable low doc commercial loan solution.
Most construction finance applications are assessed according to the standard process and many of the same documents are required, along with a fully completed documentation which includes:
- Signed fixed-price building contract between borrower and a licensed builder Tender
- Stamped, council-approved building plans
- Copy of builder’s insurance policy
With a construction loan, you can break up the drawdown of the loan amount into five progressive draws, which parallel the construction phases. As one phase of the construction is complete, you are able to draw down the next portion of the loan. If you did not borrow 100% of the cost of construction, the lender will request that you pay all the funds you are required to contribute, before they release any payment to the builder.
- Purchase of the land
- The Slab / pad (floor – also known as ‘bearers and joists’ for wooden floors)
- Roof (usually including frames)
- Lock up
- Final
The fact that payment is delivered to the builder in stages means that cash is not paid out until the builder’s work can be inspected and approved by the borrower.
Compare the product matrix below then click on the apply button below so we can provide you with a low doc residential construction loan solution.
 |
 |
 |
|
| LENDER | LA TROBE LIMITED TO 75% LVR | HOME LOANS LIMITED TO 70% LVR | HOME LOANS / PEPPER WHITE LABEL LIMITED TO 80% LVR |
|---|---|---|---|
| Minimum ABN Registration Period | 1 year | 2 years | 2 years |
| GST Registration period > $75,000 income declared | 1 year | 2 years | 1 year |
| LMI or Risk Fee | App Fee from 1.25% of loan amount applies | ||
| Credit Issues Considered | Under 2 years up to 5 defaults | Nil | Unlimited defaults if registered over 2 years. Minor defaults under $1,000 ignored. Discharged Bankrupts & Part 9 acceptable |
| 100% Offset Account | |||
| Redraw | |||
| Income Verification Required (minimum) | |||
| Certification requirements | Any 1 | Any 1 | Any 1 |
| Accountants Verification | |||
| 6 Months BAS statements | |||
| 6 months Business Bank Statements | |||
| Full Product Matrix | More Info >> | More Info >> | More Info >> |
| Apply for this loan | |||
*Interest Rates: All rates are subject to change without notice. Please check all rates and terms before applying.