Low doc Construction loans are still available for building residential homes in major metropolitan areas. An interest only low doc loan during construction.
At 60%, can be done at or near normal home loan rates. The applicant must be an individual and there cannot be more than one building constructed.
A Low Doc Loan Construction at 80% can also be done, however there will be a slight loading due to the extra risk.
It is preferable to have stamped council approved plans and specifications, however if required the land only may be settled first.
Builder must be a major licensed major builder, have builders insurance and applicant must have clean credit.
For both of these types of low doc loan need 2 years ABN and registered for GST. No BAS or trading statements required.
Building will be inspected at each stage of progressive drawdowns.
Call 1300 LOW DOC ( 1300 569 362) now to see if you qualify.