Low Doc Loans for Vacant Land in Australia
Are you planning to buy a vacant land and is looking for low doc loan? Look no further! Contact RealLoans for low doc mortgages to buy a vacant land.
We specialise in loc documentation loans for self employed individual, company or trust in Australia.
Low Doc Loan with Realloans?
Brokers – Expert and Independent
We have one of the best home loan brokers that provide every customer a personalised service depending on their individual needs.
With over 30 lenders available, RealLoans Mortgage Brokers will provide you with the low doc loan option that is best suited for you.
Easy Loan Approval
Mortgage Broker at RealLoans will guide you throughout your home loan process and ensure you have a quick easy loan approval.
Smooth Loan Settlement
We will ensure that your mortgage application process is smooth and we will keep you informed throughout the process until the settlement.
What documents are needed for Low Doc Loan to Buy Vacant Land ?
Even if it’s a low doc mortgage, the bank will still need sort of evidence to make sure that you are able to make regular and minimum repayments.
- Business Activity Statements (BAS) – Depending on the Bank and lender, they may ask for up to 12 months of BAS information
- Bank statements – Statements to provide evidence of income over the period of time.
- Personal declaration – when you apply for a low doc home loan, stating how much you earn and providing a declaration you believe you can repay the loan
- Business details – Details, such as your ABN and Business name
- Accountant’s letter – A document from your accountant may also be required that verify your income
Low Doc Loan Features
|Loan Purpouse||Purchase and refinance of vacant land|
|Maximum Loan Amount||$1,500,000|
|LVR||Up to 70%|
|Credit History||Bad or Good|
|ABN/GST||2 years old ABN and 1 year GST registered|
|Loan Repament Type||P&I and interest only|
|Interest Rate Type||Variable only|
|Additional Features||100% offset and redraw available|
|Risk Fee||0 to 2.5% depending upon the LVR|
Which lenders offer low doc Mortgages for Vacant Land?
Realloans Australia have access 30+ lenders with some offering low documentation home loan for self-employed with variable interest rate. Bank are offering low doc loan principal & interest and interest only repayment along with features like 100% offset account, redraw or extra repayment jus like you normal home loan.
Many banks, credit unions, building societies and other non-bank lenders offers a low doc home loan in Australia. When it comes to low doc home loan each lender have different lending criteria, rates, fees and features.
Most lenders offering low docs home loans will charge some sort of risk fee, ongoing fee or annual fee. That’s why it’s always a good thing to take into consideration when choosing one bank over the other, not just the interest rate.
The LVR of the home loan varies lender to lender and may also vary depending upon where the security property is located. You may surprised to know the some lender charging more risk fee for a property in regional area as compared to Metro. You may also need to more deposit, depending upon you circumstance and credit history.
Risk Fee for Low Doc Land Loan
Risk fee one of the things you need to consider with getting a low doc loan. For loc doc loan for land only you may or may not have to pay depending upon Loan value ratio (LVR) and upon the lender.
The LVR for Metropolitan 70% while for other are its less than 60% for low doc vacant land mortgage.
Land Zoning and Low doc Land Mortgages
The properties in the Metropolitan and regional cities have standard Land zoning, lender are happy to lend. Land with rural and rural residential zoning the size of the land is one the deciding factor for lender. Land size under 50 hectors can be financed but its case by case scenario.
Low Doc Mortgage FAQs
Low doc also know low documentation home loan is not your normal home loan. The Low Doc home loan require very less documentation as compared to full doc home loan that usually require 2 most recent tax return (individual and company) and Notice of assessments (NOAs).
Low doc loans are designed for self-employed individuals or business owner with ABN that cannot provide payslips, financial statements or tax returns as documented evidence of income.
Find out more
Yes we offer low doc home loan for construction in Australia. However be mindful of the LVR for low doc construction loan. It can vary on location category. If have a vacant land low doc loan with lender that have condition to start construction with certain period, then your are obligated to start the construction before that date. Otherwise you can refinance to another lender that offer low doc construction loans.
We are based in Melbourne, but we can home loc documentation home loans through Australia. We provide loc doc loans in Melbourne, Sydney, Brisbane, Adelaide, Perth and other cities across Australia.
Yes we can refinance your loan with low doc vacant land. Whether your reason of refinance your home loans may it cash out, debt consolidation, ATO debt, for investment or just for better rate. We have access to the lenders that offer low doc home loan at less than 3% interest rate, Don’t miss the opportunity, Call us now.
Yes the low doc home loans are still available in Australia. The maximum LVR for low doc loan to buy a vacant land depends upon where the land location, land size and zoning. The maximum LVR for a low doc mortgage to land only is 70% in Metropolitan and below 60% for regional, rural and remote locations.
The interest rate for low doc mortgages in Australia starts from 3%. The low doc loan rate for vacant land varies upon land location, size and zoning and individual credit score.
Yes at Realloans Australia have access banks and specialist lenders that offer vacant land low doc to self-employed for buying a land as an investment.
Our mortgage brokers are experts in low doc financing. Send us an online enquiry or call us at +61412447728 and we will be in touch with some free quotes from leading bank and non-bank lenders that specialise in low doc and lite doc lending.
Yes definitely, the bigger the land is, the harder it will be to finance it. Up to 2 hectares there are certain banks that can lend unto 80 %. With land size greater than 2 hectares, LVR decreases and there are only few lender that can lend.
With land size greater than 10 hectares the LVR is usually 60% or less with banks will consider each case differently.
It is very hard to buy vacant land with low doc loan if you have bad credit history but at Realloans we work have partnered with a credit repair company that will help you repair repairing credit file.
We have helped clients that had defaults and black marks in credit file get loans. Contact us, we will be more than happy to look at your case.
Need a low doc loan? Realloans in what you need.