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home loans
Construction Loan
CLIENT PROFILE PAYG Employees
Self-employed for minimum of 2 years
Registered Australian Corporate Entities
MINIMUM LOAN AMOUNT $100,000
MAXIMUM LOAN AMOUNT Maximum land loan $550,000
L.V.R. 100% (maximum)
INTENDED USE Investor or Owner-occupier
REPAYMENT OPTIONS Principal & Interest (P&I)
Interest Only (IO)
INTEREST RATE OPTIONS Variable
LOAN TERM Maximum term approximately 30 years
ADDITIONAL REPAYMENTS Variable interest rate options only
REPAYMENT FREQUENCY Weekly, Fortnightly or Monthly after construction
ACCOUNT KEEPING FEES No
STATEMENT FEES No
MINIMUM REDRAW AMOUNT No Minimum
REDRAW Free and Unlimited after construction phase
LENDERS LEGAL EXPENSES At Borrowers expense
BORROWERS LEGAL EXPENSES At Borrowers expense
APPLICATION FEE $330 (including gst)
MORTGAGE INSURANCE Payable by borrower if LVR > 80%, or loan amount > $500,000
VALUATION FEE $330 (Iincluding gst) property valued under $500,000
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Construction

 
AVAILABLE WITH
Home Loan
Low Docs Loan

UNAVAILABLE WITH
Line of Credit Loan
Non Resident Loan




Applications can be submitted with only preliminary plans and builder’s tender agreement. However, the lender will not permit initial settlement unless it is in receipt of council approved building plans, a fixed price building contract and contractors all risk insurance. The Lender will always retain funds equal to the cost of completing the project as determined by its valuer.

Progress inspections are carried out by the valuer at a cost of approximately $100.00 per inspection. This fee is deducted from the applicable progress draw.

Before the final payment is made to the builder the Lender will require satisfactory building insurance and council’s certificate of occupancy.

A Line of Credit can be used for construction purposes when it is secured against a fully completed property.
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call us or complete our online application and discover the fast and easy way to arrange your home loan

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