Building Loans for every Australian
Low Doc Construction Loans are ideal for those who are self-employed or cannot provide up to date tax returns.
Since the Global Financial Crisis, low doc construction loans have been harder to source and the lending criteria has become stricter. Now, traditional low doc loans (with no proof of income required) are not available, though verification of income can now be made by ‘alternative means’.
There are three main ways for lenders to verify income other than by payslips or referral to tax returns:
It’s easy to see how using the wrong type of income verification could led to your mortgage application being declined.
The maximum that can be borrowed using a low doc construction loan is 80% of the land and construction value with mortgage insurance, or 60% of the value without mortgage insurance. Low doc construction loans work the same way as a normal construction home loan, and the application process differs only in regards to income.
Generally, low doc construction loans are subject to higher interest rates than loans where tax returns have been used to verify income. However, there are some lenders that are extremely competitive in the market, though these may have stricter lending policies (or require higher deposits).
Whatever your needs for a low doc construction loan now, when your tax returns are up-to-date we will be able to transfer the mortgage to a standard loan with lower rates and costs.
Contact us today to discuss your requirements and discover the most competitive low doc construction loans on the market.
“Just wanted to stop for a minute and express that how grateful we are for all the help and professionalism you have demonstrated thus far.
You have shown an utmost customer service in addition to your knowledge and experience. You have made this experience a pleasure for us and I am very happy to refer your services to others and also provide a formal reference.
Once again, many thanks.”
“Special thanks to Craig Vaughan, who all though the process was very forthcoming and always available to my queries.
Job well done!”
“Extremely helpful and prompt in service. Dealing with Ian and his team was easy and we will not hesitate recommending his services, and using his services in the future.”
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