An investment company wants to build a $7 billion third airport in Melbourne without using taxpayers' money, but Victoria's premier is focusing on the two airports the city already has.

Paragon Premier Investment Fund says it has a letter of intent from an unnamed financier to build an airport about 75km southeast of the CBD, near Koo Wee Rup and Lang Lang. Managing director Alande Mustafa Safi said the plan for the airport, which would be subject to state and…