For those clients looking to build their own home, Westpac variable and fixed rate home loans offer a construction loan feature for flexible payments during the often-tricky construction phase.
We’ll pay their builder progress payments^^ at each major stage of construction (slab, roof, lock-up and completion).
Construction loans can also be used for major renovations, such as:
- constructing additional rooms
- making repairs
- for knock down and rebuild purposes.
Things you should know
^^Note that for all progress draws the borrower:
- Is to cover interest charges during the construction period unless specific approval is held.
- Is to cover fees and charges with monthly instalments.
- Can make additional repayments.
- Can make principle repayments/lump sum deposits at any time.
All documentation required is to be received by Westpac:
- The first drawing is to be within 6 months of the offer date in the Terms and Conditions letter.
- The loan is to be fully drawn within 12 months of the offer date in the Terms and Conditions letter.
- Each drawing is to be a minimum of $5000.
- A progress inspection report (when required. Without LMI: Practical completion. With LMI: Frame and practical completion).
- Redraw is not available during the progressive draw period.
Credit criteria, fees, charges apply. Terms and conditions available on request. Based on Westpac's credit criteria, residential lending is not available for Non-Australian Resident borrowers. This information does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors before acting on it. Read the disclosure documents for your selected product or service, including the Terms and Conditions or Product Disclosure Statement, before deciding.
© 2016 Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.