Oak Laurel | Finance brokers
Do you want to talk to a finance professional about a low doc construction loan? We can help.
Low doc construction loans: building loans for self employed people
If you are self-employed and want to finance a construction, one option for you may be a low documentation construction loan also known as a low doc construction loan.
Low doc construction loans are for people who are borrowing to build a residential dwelling(s), have an income and assets, but are unable to provide all the required proof of income documents usually required by banks and lenders such as you financial statements and tax returns.
In the past low doc construction loans were not available. However, now some lenders have made them available for self-employed people.
A lo doc construction loan can be a good option for self-employed people wanting to build their dream home or a small development but who don’t have all their financials up to date.
A low doc construction loans described here is unsuitable for larger scale developments, see here for large scale property development funding including for low doc borrowers.
Contact us about getting a lo doc construction loan.
An Oak Laurel mortgage broker will go through your construction project with you to ascertain the best way forward.
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For a low doc construction loan you will not need to provide financials such as tax returns, financial statements or notices of assessment. However you will still need to provide evidence of your income, you can do this via:
- Your BAS Business activity statements
- An Accountants letter
- Trading accounts showing income
- Income declaration
- Single house on a block
- Week-enders / holiday homes
- Knock down and rebuild (if you have enough equity in the land)
- Granny flats
- A duplex
- Up to four units on one title
- Small developments
Not all low doc construction lenders will accept all property types. Contact an Oak Laurel construction loan specialist to find out your options.
- A copy of your fixed price building contract or construction tender
- A copy of the council approved building plans (or draft plans)
- Specifications / schedule of finishes
- Construction certificate or building permit
- Builder’s insurance
- Builder’s risk insurance / public risk insurance
Your builder should have all of these on hand.