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MY HOME LOAN TYPE GUIDE

Construction Loan:

This loan structure is used for the purpose of constructing a dwelling either for investment or owner occupation purposes. This loan facility requires for council approved plans prior to obtaining a formal approval.

The loan is usually drawn down over 5 progressive payments during the construction period. Payments are made directly to the building company. The repayments are based on interest only (the repayments are based on the market variable interest rate) until the construction is completed. It then reverts to a Variable Rate Loan at the end of the construction period or other type of loan structure in agreement with the bank.

This facility type does not have the flexibility of adding loan features as allowed with other loan types.


Disclaimer: The above is a generic representation only. It does not constitute financial advice or mortgage structuring advice. It is only to be used as a guide only. Please discuss your financial needs with a financial planner, accountant or your banking representative.

No reliance should be placed on the above information.

COMBINATION SPLIT LOAN
ALL-IN-ONE HOME LOAN ACCOUNT
INTRODUCTORY RATE HOME LOAN
LINE OF CREDIT
FIXED TERM INTEREST RATE LOAN
CONSTRUCTION LOAN
VARIABLE RATE LOAN
NON CONFORMING LOAN
LOW-DOC HOME LOAN
BASIC VARIABLE HOME LOAN
REVERSE MORTGAGE
NO-DEPOSIT HOME LOAN
PROFESSIONAL HOME LOAN
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