Full Doc Construction
Loan purpose |
Construct residential Owner Occupied or Investment security property
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Suitable Borrowers |
PAYG or Self Employed borrowers who can provide standard income evidence for the last two financial years. A clear credit history is essential. Companies & Trusts also considered. No owner builders
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Loan Amounts |
$50,000 - $2,000,000 per security
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Maximum LVR |
Up to 95% of gross realisation figure (land value or purchase price + fixed price building contract figure, whichever is less)
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Loan Term |
Up to 30 years
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Interest Rate Options |
Variable Interest Only during construction. Option to switch to a fixed rate when construction is complete and make Principal & Interest repayments up to 30 yrs
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Progress Payments |
A Valuer’s inspection of the property must be conducted for each progress payment claim. Based on the Valuer’s report, funds are advanced to the builder on a cost-to-complete basis. During construction you will be required to make a minimum monthly repayment that will be debited from your nominated bank account
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Redraw Facility |
Free & unlimited via telephone or internet banking in variable rate mode. Funds will be available in your nominated bank account 2-3 working days after the request is processed. 6 free manual or debit card transactions allowed per month.
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Loan Statements |
Download a statement for free at any time via your internet banking. Statements are also posted semi-annually (end of year & end of financial year)
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Acceptable Securities |
Registered 1st mortgage over your residential vacant land with Fixed Price Building Contract and Council approved plans and specifications for construction in place
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Portability |
When construction is fully complete, transfer your loan to other suitable security property in the event you sell your existing security property provided a simultaneous settlement occurs. Fees & charges may apply
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Establishment Fees |
No application or account keeping fee. Upfront costs include a standard valuation fee (+ 5 progress valuation fees), standard legal fee and a construction administration fee. These costs will be outlined in your Letter of Offer. Statutory Government fees & charges apply
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Exit Fees |
A Deferred Establishment Fee is payable when the loan is discharged within the first 5 years from the date of settlement
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Mortgage Insurance |
The Mortgage Insurance Premium is not payable for loans under $1mil and 80%LVR. In the event you are required to pay the mortgage insurance premium, this cost may be capitalised onto your loan facility or deducted from the loan amount.
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