Low Doc Vacant Land
Low Doc Vacant Land
Low Doc Home Loans for Purchasing Vacant Land to 85% LVR. Generally due to the higher risk factor on vacant land, many lenders do not offer loans on this security.
Our Funders will require either an Accountants verification, 6 months BAS statements or 6 months of Business bank statements to lend to 85% lvr in high population areas inside major capital cities and regional locations with a standard residential zoning.
- No tax returns or assessment notices.
- No financial statements.
- Income Verification is required by either Self Certification or Accountant Verification, BAS Statements or Business Bank Statements or a combination of above.
- Generally a higher interest rate if loan is above 60% of the property value (LVR)
- High Deposit Required
The matrix below gives you an overview of product perimeters however it is best to phone or apply online so we can analyse your unique circumstance.
|Applicant type||Individual Borrowers, Discretionary & Unit Trusts and Property Holding or Trading Companies.|
|Employment requirements||Self employed – must be ABN registered. Must be GST registered if Income is over $75,000
PAYG Co-Applicants allowed (must provide full income proof).
|Income: required proofs||Case by Case depending on lender.
Either Self Certification with Accountant Verification or BAS Statements or Business Bank Statements or a combination of above.
|Maximum Loan amount||$2,500,000 to 65% LVR
$2,000 to 70% LVR
$1,750,000 to 75% LVR
$1,500,000 to 80% LVR
$650,000 to 85% LVR
|Purpose||Residential Vacant Land|
|Security type||Most metropolitan and major regional centres (post code specific – please ring or email to check).
General acceptable Security includes:
Zoning of a Residential nature that permits residential usage House or Unit.
For exceptions to above please ring or email as there could be lenders available
|LVR||Up to 85% LVR on vacant land|
|Credit related issues||Paid or unpaid defaults registered over 24 months and judgements accepted. Minor Defaults up to $1,000 ignored.Can be discharged Bankrupts
Where the reason is Impaired Credit‚ a detailed account of how and when the impairments occurred; as well as an explanation on how and why the event is no longer an ongoing concern with little likelihood of re-occurrence.
|Variable, fixed or both||Both|
|P&I, I/O, or both||Both|
|Loan Term||1 to 30 years|