While everyone wants to find a cheap home loan, it is important to research the type of product that will suit your requirements and provide the resources you need to complete your project.
It is worth taking the time to sort out which investment home loan can stand the test of changing deadlines, unexpected expenses and other unpredictable events.
The MyRate Construction Loan offers one of the lowest interest rates of all the construction home loans in Australia and can help you get to the finish line - confidently and securely.
This loan may be suitable if...
- You own or want to buy land and build a house on it
- You are making major renovations to your existing home
- You are an investor wanting to finance a residential construction project
NB. MyRate's construction loan is not available to owner builders.
For renovations, a builder construction contract is required.
Getting the most out of the MyRate Construction Loan
Part of maximising the benefits of any financial product is knowing how to best apply its features.
To achieve the optimal outcome from your MyRate Advantage Loan, follow these tips:
- During the construction phase, make interest-only payments (letting you focus cashflow on construction)
- Take note that when construction is complete, there is a final valuation (costing $295) on the whole property
- After final valuation, make principal and interest payments (at our low variable home loan rates) building up your equity.
After construction the product reverts to the Advantage Loan. At the time of converting, your interest rate will be the same as the current interest rate for customers that obtained an Advantage Loan at the time of your initial construction loan settlement. See the Advantage Loan product page for information on using the Advantage Loan.
|If you have a block of land with a mortgage on it with another institution and want to get a construction loan with MyRate you will have to refinance your original loan and supply us with the building contract, as we cannot take a second mortgage over a property.