LOW DOC CONSTRUCTION LOAN

Discussion in 'Loans & Mortgage Brokers' started by Anjohn, 31st May, 2020.

Join Australia's most dynamic and respected property investment community
  1. Anjohn

    Anjohn Well-Known Member

    Joined:
    8th Jun, 2019
    Posts:
    47
    Location:
    Sydney
    Hi, I’m going to build a duplex in NSW, anyone could recommend a good low doc loan on the market? Which lender would accept limited financial supporting doc e.g.only accountant’s letter?
     
  2. Lindsay_W

    Lindsay_W Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    2,465
    Location:
    QLD
    La Trobe and prepare to pay through the roof for it, max LVR 75%.
     
  3. MTR

    MTR Material Girl Premium Member

    Joined:
    19th Jun, 2015
    Posts:
    22,032
    Location:
    My World
    I have heard very expensive?? Higher interest rate?
     
  4. Lindsay_W

    Lindsay_W Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    2,465
    Location:
    QLD
    Yep around 8.39%
    At 60% LVR you may find a more mainstream lender, anything above that it gets pretty limited and expensive
     
    MTR likes this.
  5. MTR

    MTR Material Girl Premium Member

    Joined:
    19th Jun, 2015
    Posts:
    22,032
    Location:
    My World

    This is steep
    However, I dont believe there are now many choices with regards to low doc construction.
     
    Lindsay_W likes this.
  6. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

    Joined:
    23rd Aug, 2015
    Posts:
    446
    Location:
    Bella Vista
    Lo doc = higher rate. Cant have the cake and eat it.
     
  7. MTR

    MTR Material Girl Premium Member

    Joined:
    19th Jun, 2015
    Posts:
    22,032
    Location:
    My World

    You once could, RAMS lo doc construction loan ticked all the boxes. Sadly gone
     
  8. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

    Joined:
    23rd Aug, 2015
    Posts:
    446
    Location:
    Bella Vista
    Yep, those days are gone.
     
    Terry_w and MTR like this.