Our Residential Construction & Commercial Development loan products are popular with PAYG or self-employed borrowers looking to construct a home to live in, or to use as an investment. Our Commercial Development loan may suit borrowers looking to complete small development projects.
Product Details:
Product Name | Residential Construction | Development Finance |
Current Rate^ | 7.29%^ | 8.99 - 10.35%^ |
Comparison Rate* | 7.95%* | n/a |
Security Type | Residential security | Residential & Commercial security |
Loan Purpose | Construction (single residential dwelling) | Construction - up to 10 units |
Verification Required | Full or Lite Doc® methods | Full or Lite Doc® methods |
Personal or Business/Investment Purposes | Both | Both |
Minimum Loan Amount | $100,000 | $100,000 |
Maximum Loan Amount | $1,500,000 | $10,000,000 (65% LVR) $2,000,000 (70% LVR) |
Maximum LVR | 75% (not to exceed 80% of total development cost) | 70% (not to exceed 80% of total development cost) |
Lenders Mortgage Insurance required | No | No |
Maximum Loan Term | 30 Years | 2 Years |
Repayment Type | Principal & Interest | Interest Only |
Maximum Interest Only Term | 5 Years reverting to P&I | 2 Years |
Interest Rate Type | Variable | Variable |
Redraw Available | Yes | No |
Application Fee (excl. Val. & Legal Fees) | 1.25% of the loan amount | from 1.50% of the loan amount |
Risk Fee | $0 | $0 |
Additional Repayments | Yes | No |