Asked a Million Times? Best Low-Doc Construction at moment

Hi Guys

How long is a piece of string?

In all seriousness - wife and I looking to commence a 2 x 3bdr unit subdivision with existing house to remain out in the South East of Vic.

We're not professional investors - nor developers... but giving this a shot.

Had an offer from Latrobe - 2.05% establish fee (including x % to broker) and just over 7.3% interest rates and not sure if this is good or not.

They want to have the front property too so they have everything on the title which I understand is common - but being knew to this - we thought having to pay 2% to enter in and 7.3% interest quite steep

Again - don't shoot us... we're very, very new to this... so when you see other home loan or other products available, our first reaction was a big negative

So what is good and/or going around - we're both Low-Doc as we're self employed

Genuine replies would be greatly appreciated

 

You will struggle to find
- low doc
- construction
- and 3 on one title

Do you have some sort of income proof such as BAS, bank statements. Accountant willing to sign off on income? Will you be able to declare enough income to service without fraud?

 

This sounds like a 'genuine reply'

 

Yes, we are self employed and had some ok financials over the past few years! I’m just curious if this is an ok offering or more on the high end

 

I am developing and very tough to get construction low doc loans, used cash will then refinance on completion.
PM me if you like

 

From memory I think Latrobe might have an option for you. But expect their construction loans to be around the 7s

 

To get bank rates you would probably need experience as a developer but may be worth a shot if it’s low lvr. You would need financials but may not need to show service if the intention is sell.

If above is not an option then La Trobe sounds reasonable to me. Private money at 11% + 2% set up isn’t uncommon I believe.