Ideal for: People who want to build or renovate or refurbish their own home
Your lender will make progress payments on your behalf, starting from the time you buy the land. Payments will proceed through the building process keeping your project moving forward.
An Interest only facility is also available during the building period ( and sometimes beyond ) reducing your repayments whilst renting or living somewhere else.
- Maximum LVR for full-doc loan is 95% 1 (or valuation if lower). Lenders Mortgage insurance will apply.
- Allows refinance of an existing land loan from another loan provider to construct a dwelling.
- Loan repayments can be interest only during construction, which may provide potential cash flow benefits.
- Some lenders have no set time for construction commencement after land settlement, providing a great deal of flexibility.
- ‘At Completion’ valuation carried out at no cost to you.
- Fixed rate option available.