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Low Doc Construction Loans
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Intellichoice
Need a Low Doc Construction Loan?
Not every income earner will be able to present standard documents for a loan approval. With over 16% of workers in Australia currently self-employed, there is a big market for loan products that cater to this set of professionals.
Low doc construction loans are designed to help self-employed business people and self-employed individuals access financing to build their residential property – the term “low doc” is short for low documentation, meaning the borrower does not have the traditional documentation required by major banks for a home loan.
We specialize in sourcing suitable low doc construction loans for you. These undergo the same regulatory process as standard loan products but with room for adjustments, given that you do not have the usual documentary requirements that lenders ask. Our mortgage experts can find a lender that understands your financial setup.
Curious about this product?
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intellichoice
Why Low Doc Construction Loan Is for You?
Business owners and other self-employed individuals may not always have the clear-cut documents needed for a loan approval. They will have a hard time getting approved by banks due to their stringent processes. The best solution is a low doc construction loan. These are considered non-conforming home or construction loans, as they rectify borrowers’ lack of proof of income.
You don’t have to supply documents like tax returns, financial declarations, or notice of assessment. However, you do have to show the bank an income statement and all the specifics of your construction plan. Online lenders and non-bank lenders will require a higher interest rate due to the higher risk they are taking on.
What if you worked with one partner instead of several providers? Our goal is to help you secure a loan that meets your exact needs, so our team gets to know you from the start. When you have questions, we’re here to answer. We stay in touch with you step-by-step throughout the process.
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intellichoice
Don’t Feel Left Out
Low doc construction loans can provide the housing loan you need even if your income setup isn’t typical. If you’re a self-starter or an entrepreneur, you can be approved for up to 80% the value of the land, plus construction cost. This loan product usually comes with a minimum deposit requirement of 30% of your total construction cost, if not more. It will also render a higher interest rate because the lender is assuming a higher risk with the low documentation aspect.
If you are able to do these:
- Use a licensed builder (or you are a licensed builder yourself)
- Have an Australian Business Number (ABN) and GST that are valid for at least 12 months
- Provide proof of income using either BAS, bank statements, or an accountant’s letter
You can qualify for a low doc construction loan. Our financial experts are by your side to assist in preparing documents and researching which lenders can provide the most fitting package.
We Guide You Through the Process
Even if you are not the typical borrower complete with documents, you can still present proof that you are a low-risk borrower. You’d want to show a steady income source over a sustained period, a permanent residential address, a good credit score, and it’s ideal that you do not have other high-cost debts like payday loans. Lenders will also check to see that there are no multiple credits, or have a history of loan rejections.
Our mortgage specialists have years of experience working with clients who aim to build their home. We know what it takes to apply for one successfully, and we are here to offer our expertise at every step.
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WE ARE TRUSTWORTHY
Why Partner with Intellichoice?
Intellichoice has the certifications and experience working closely with clients who need home construction funds. With us, you have a partner who will ensure there are as few bottlenecks in the process as possible.
Professional advice. Working with our experienced mortgage brokers gives you the latest insights on getting a suitable loan, preparing council-approved plans and documents, and making the overall process as seamless and efficient as possible.
Get the best rates. Our loan specialists have the State certification and ASIC license, along with years of industry experience. With access to more than 50 lenders, our experts can maximise your chances of getting the approval you need.
Minimal Hassle. We have the most up-to-date knowledge about which lenders can provide the low-doc construction loan option at the same rates as a normal loan, saving you time and resources in the long run.
Talk to our low doc construction loan experts today – we’ll guarantee timely response, straightforward consultation and processing, and all the financial assistance for business owners and self-employed clients. With Intellichoice, you can focus on building your property.