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Low doc home loans which allow construction are certainly available and we have a wide range of home loans to choose from. This type of low doc home loan works literally the same way as a full doc loan does except for the limited income evidence provided by way of the income declaration.
So being self employed doesn't mean you are unable to build your own home and with so many low doc home loan providers offering a construction option your choice is not limited either. Low doc construction home loans generally allow up to 80% LVR based on hard costs although there is the 82% LVR home loan also available.
There is also the option to purchase vacant land under a low doc construction home loan with a view to construct within a 12 month period, this means that you have some time to prepare for construction and obtain key information such as a fixed price building contract, plans and permits and so on.
Again the option to purchase vacant land with a view to construct is available for both the 80% and 82% low doc home loan product range.
Below we have touched on some common questions our clients ask, please feel free to browse through or simply contact us with any other questions you may have about low doc construction home loans:
The 85% low doc home loan is a great vehicle to purchase a property for self employed applicants who just don't quite have the savings to utilise a traditional 80% low doc.
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I'm a first home buyer entitled to the grant but I'm a low doc applicant. Can I use a low doc construction home loan and obtain the grant as well? |
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Yes you can, being a low doc home loan applicant doesn't mean you lose your entitlement to the first home owners grant. |
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I'm an investor and wish to build a premises to rent out, can I use the low doc construction home loan for this purpose? |
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Yes, even as an investor you are able to use this low doc home loan to construct. |
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I already have vacant land with a low doc home loan; can I convert to a construction low doc and build a home on it now? |
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Yes, we can either use the low doc home loan provider you have now or choose from the range of low doc construction home loan providers on our lending panel. |
Each person has their own unique needs when it comes to construction and we are able to fulfil that need by having access to a multitude of low doc home loan providers who offer construction as an option. One of our most popular low doc construction home loans is the 82% LVR product as it helps bridge the deposit gap.
Why not contact us to find out more or even arrange an appointment with a low doc home loan consultant who can come out at a time which suits you.
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