LOW DOC CONSTRUCTION LOANS
View product matrix below then click on apply if you wish to qualify for this loan and receive a detailed assessment and full cost proposal.
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Low Doc Loans for Single / Duplex Residential Property Construction. |
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 purchasing a residential property.
The main documents that we will accept that can be used to verify your income are:
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:
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.
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. You must have an ABN that has been registered (and possibly GST registered if income is over $75,000) Most Lenders require ABN to be registered for 2 years. We have lenders that will accept an ABN registered for only 6 months. |
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Loan purpose | Construction of Residential Property |
Loan term | > 30 years. |
Interest type | Interest only during construction period |
Repayment type | Reverts to Principal & Interest on Completion |
Repayment options | Weekly / Fortnightly or monthly |
Repayment method | Direct Debit |
Maximum Loan to | 60% of Completion Value |
Credit history | Clean Credit Only |
Minimum loan size | $100,000 |
Maximum loan sizes | $850,000 |
Acceptable Applicants | Natural Persons, Companies and Trusts |
Contingency | N/A |
Pre-Sales | no pre-sales required |
Current Mortgage Arrears in last 6 months | NO |
Discharged Bankrupts | No |
*Interest Rates: All rates are subject to change without notice. Please check all rates and terms before applying.
Low Doc loans are designed for the self-employed or small company borrower/s whose financial statements may not be available. Reasons for this may encompass: Their accountant hasn’t completed and lodged their financials.