|
This type of loan is available for people who are looking to build their own home or a home for investment purposes. It is a fully featured loan, with no ongoing monthly or annual fees. During the construction process, the monthly repayment is Interest Only, reverting to Principal and Interest repayments when the house has been completed. As this loan is drawn down in stages during the construction process, your monthly repayments will gradually increase until the construction process is finished. Once the construction has been completed, the Construction Loan reverts to a standard variable rate product, First Choice, with a free 100% redraw facility.
Please click here for personal assistance: info@nationwidemortgage.com.au
How much can I borrow?
- 90% LVR, up to $600,000
- For amounts up to $1,500,000 please refer to a Nationwide Mortgage team member
- Minimum loan amount $50,000
Interest Rate
- Extra 0.40% on top of other loan packages during construction
- Reduced by 0.25% upon completion of construction
- Variable for the term of construction
Repayment Options
- May be Interest Only during construction, then revert to the payment frequency of your choice
- May be made by monthly Direct Debit Authority
Term of Loan
- Up to 30 years
- Maximum 1 year for construction
Ongoing Fees and Charges
- Nationwide charges no hidden or ongoing fees
- No monthly, annual or any ongoing account keeping fees
- Free lump sum repayments whenever you like, when the house is completed
- Free internet and phone banking access
- Payments to the contract builder may be made upon satisfactory inspection (subject to progress valuations)
- Costs apply to each progressive inspection
Fees and Charges to Set Up the Loan
- $240 for Valuation, subject to property and location
- $110 per Progress Valuation, subject to the property
- $490 for Solicitor's legal fees plus disbursements
Early Repayment Fees
- Fee applies if the loan is paid in full within the first 5 years
- Loan is fully portable for up to 3 months which means that, even if you sell your house, the loan can come with you at minimal cost
Please click here for personal assistance: info@nationwidemortgage.com.au |