| 
Construction Home Loan
Draw down funds in stages as your new home is being built
Our Residential Construction Home Loan is a flexible loan that’s designed specifically to help you build your new home. This means that loan funds are advanced progressively and only as your builder satisfactorily completes previously agreed construction stages. This saves you money, as interest is payable only on the amount advanced under the loan. We can help you establish a schedule of progress payments and organise your expenditures so that they are made only after each stage of the building has been inspected and verified. To help us determine the final cost of your property you will need to supply construction cost estimates (tenders, costs and quotes from your builder); council approved plans and specifications, including any conditions of approval; and written details of any work to be carried out by you, your family, friends or subcontractors.
-
Access to funds when you need them
Improve cost-efficiency of your project by establishing a schedule of payments to builders
- Variable interest rate
- Loan terms available for up to 30 years. Generally, you will have 6 months to complete construction of your new home. The loan term on your loan commences from the first advance of your loan
-
Yes
- Yes
- Choose to pay weekly1,fortnightly1 or monthly
-
Make additional payments at any time
- Set up convenient automatic repayments from your nominated account
- Choose monthly interest-based repayments
- Applying for additional funds is simple2
- Get access to any extra payments you make with a convenient redraw facility2 (not available during the construction period)
-
100% interest offset to help you save interest and own your home sooner
- Not available during construction period
- Maximise the amount you can borrow when a parent or other family member guarantees part of your home loan
- Enjoy the benefits of a fixed and a variable rate. Construction Loan portion must be at a variable rate.
- Keep earning interest on your deposit monies right up until settlement by using a Deposit Protect Bond instead of paying a cash deposit immediately
- Call a home loan expert on 13 33 30 8am - 9pm (AEST), 7 days a week.
2. Subject to Bank approval. A fee applies for each approved request
