Construction loan

Build your dream home with a construction loanDo you want to take out a mortgage construction purposes? This can often be hard to obtain, as many lenders view refinances as higher risk and do not refinance low doc loans anymore. In addition to this, many lenders now require you to provide them with BAS statements.

Unfortunately, this means that those who have purchased land are often unable to increase their loan amount. The end result is that many cannot afford to build!

However, our expert help can assist persons who wish to refinance and then build, provided that the low doc loan is used for construction purposes/building a home.

Further, you must be using a licensed builder with Home Warranty Insurance (HWI).

What projects can the construction loan be used for?

A wide variety of construction projects can be financed with the low doc loan including knock down and re-build or renovations.

How much can i borrow?

Lenders will lend a maximum of 80% of the combined land value plus the cost of construction.

Although, you must have either an accountant’s letter or a BAS statement to verify your income, or you must pass credit scoring.

How we can help

Contact us today to find out how you can get approval for a construction loan. Our expert help will make sure that you get the best rates possible!