Progressive draw down option
What is progressive draw down?
- Progressive draw down allows you to borrow the loan amount in stages, meaning you pay less interest than if the loan amount were drawn in one lump sum
- It is available on the majority of our home loans
- You should ensure the building work is completed to your satisfaction before asking Westpac to make a progress payment.
Progressive draw down allows you to pay the builder for the construction or renovation as the building work reaches each stage of completion.
You can have your loan application accessed based on a builder's valuation
A builder's valuation is usually required to:
- Provide an 'as is' market value assessment
- Provide a 'to be erected' market assessment of the property on completion
- Assist in determining the approved loan amount.
Please note: Fees and charges may apply. Periodic inspections during construction may be required for large building projects.
Review your options
Is this scenario similar to your situation?
Agatha and Ben want to rebuild
Agatha and Ben want to knock down and rebuild the home they’re buying. What options do they have?
A loan with a progressive draw down feature, such as a Rocket Repay Home Loan, would let Agatha and Ben draw on their funds at different stages of construction.
Things you should know
- The information contained within this page is general in nature. It serves as a guide only and does not take into account your personal financial needs. Before you act on this information you should seek independent legal and financial advice.
- Terms and Conditions apply and are available on request. Application subject to normal credit criteria and approval.
- 1. A redraw request is subject to approval. A redraw fee applies.
