Low Doc Construction Loan
Low doc construction loans allow you to finance the construction of your new home or investment property without the need for financial statements or tax returns. Our low doc construction loan provides flexible progress payments for your new home or small residential development.
Our low doc construction loan automatically converts to a low doc term loan at the completion of your development. Red Rock's low doc construction loan allows you to borrow up to 80% of your total development cost (i.e. land value + build contract price) with no financial documents or tax returns required.
*All that is required is an income declaration from the borrower.
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PRODUCT SPECIFICATIONS |
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| Rate | Variable or Fixed (after completion (1-5 yrs) |
| Loan Type | Interest Only during construction After construction P&I or I/O up to 5 yrs |
| Loan Term | 25 - 30 years |
| Max Loan Amount | $1,000,000 |
| Purpose | Construction & Vacant Land |
| Repayment Frequency | Weekly, Fortnightly, Monthly |
| Repayment Options | Salary Crediting, Cheque, EFT, Direct Debit |
| Split Accounts | Yes, up to 4 |
| Acceptable Security | Residential Only |
| Acceptable Location | Metropolitan Area, other areas subject to LMI acceptance |
| Max LVR | 80% - $1,000,000 (Refinance & Purchase) |
PRODUCT FEATURES |
|
| Phone Banking | Yes |
| Internet Banking | Yes |
| 5 Drawdowns | Slab - 15% Frame - 25% External Lining - 25% Lockup - 25% Completion - 10% |
| Construction Period | 12 Months |
| Portability | Yes |
| Salary Crediting | Yes |
| Extra Repayments | Yes |
| Monthly Fee | NIL |
| Companies & Trust | Yes |
| EFT Direct Debit | Yes |
