In Your Interest

A guide to borrowing to build your home

Building a brand-new home has long been a dream for many of us. To make that dream become a reality however, most of us will have to fund our build with Construction Loan from a bank. HOW IT WORKS The main difference between a construction loan and any other home loan is that you don’t receive all of the funds at the outset of the project like you would at settlement for an established property. A construction loan is designed to cover the costs of your build as and when you need it, so you only pay for the different construction phases when they actually take place. So if your new home or investment property is going to cost $250,000 to build, you will only receive a percentage of the funds

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interest rates

The comparison rate provided is based on a loan amount of $250,000, term of 25 years, principal & interest repayments. It only applies to the examples given. Different amounts and terms will result in different Comparison Rates. 

Owner Occupied 2 year fixed rate

Starting from

2.19

%

p.a

Comparison Rate *

2.39

%

p.a

Investment 2 year fixed

Starting from

%

p.a

2.49

Comparison Rate *

2.74

%

p.a

*

T 0402 684 199

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