It makes sure everything is in one place. This type of loan can cut down on the confusion, paperwork and headaches associated with getting several different loans and financing options. Toward the end of the construction period, you can work with your lender to change the construction loan into a permanent loan. This loan helps you avoid obtaining separate lots and construction financing, meaning there are fewer moving pieces. View terms and conditions for all our home lending products here.A construction-to-permanent loan brings you through the entire process of buying and completing construction with a single loan. Westpac's home loan lending criteria, terms and conditions apply. Interest rates are subject to change without notice. You must start paying principal and interest on the loan within 12 months of the first drawdown. An interest only loan will cost you more interest in the long term because you're not paying off any of the principal during your interest only period. With an interest only loan, you’re repaying only the interest amount as it accrues on your outstanding balance, and none of the principal. You must start paying principal and interest on the loan within 12 months of the first drawdown.Ĥ There are no principal payments required during the build process.
A low equity margin may apply.ģ Interest costs will be added to your loan balance within the approved total limit of the loan and you will therefore pay more in interest in the long term. We may require you to protect against loss of deposit, non-completion and workmanship risks with a satisfactory insurance product.
Other conditions may also apply depending on the nature of your application.Ģ High LVR loans are only permitted for a new build with a single fixed price contract that specifies a completed, ready to live in property. 1 Conditional approval requires a credit check for all applicants, confirmation of the details provided in your application and responsible lending inquiries.
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