Alt Doc Construction Loan with One Form of Income Documentation
Occupation
Self-employed – Business Consultant
Location
VIC CAT 1
Loan Amount
$1,498,000
LVR
70%
Property Type
Land & Construction
Scenario
Mr. M is a self-employed consultant who currently owns a vacant block of land, which he intends to use for building a new house. He has plans and permits approved to begin construction on the vacant land and only needs loan approval before proceeding with the build. However, Mr M faces difficulties with some lenders because he requires alternative income documentation for his construction loan.
How did Brighten help?
With Brighten Easy Builder®, Mr. M was able to provide us with only one form of income documentation to verify his self-employed income.
During the construction period, only interest-only repayments are required. Mr M was also pleased to learn that after construction is completed, his loan will revert to Brighten’s Alt Doc Prime home loan product, allowing him to enjoy a more competitive interest rate.
Fees, charges, lending criteria applies.