Construction Loan
The MyRate Construction Loan offers one of Australia's lowest interest rates for construction loans. Finance the building of your dream home or an investment property. Borrow up to 90% of the land value and up to 90% of completion value (land plus building costs). There are no progress inspections for payments.
This loan may be suitable if...
- You want to buy land and build your home on it
- You are an investor wanting to finance a residential construction project
Using the Construction Loan
- During the construction phase, make interest-only payments (letting you focus cashflow on construction)
- 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 rate) 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.
Note:
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| 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 with us first then apply for the construction loan as we cannot take a second mortgage over a property. |
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