HOMEPAY CONSTRUCTION LOANS


HomePay provides a specialised construction loan facility with unique and distinctive features for prospective homeowners looking to build a new property either to live in or for investment purposes.

HomePay is very different in its design from other loan programs and stands apart due to the following special features:

  • 12 MONTHS FULL DEFERRAL OF MORTGAGE REPAYMENTS FOR BOTH LAND AND BUILDING LOANS.
  • IF CONSTRUCTION IS FINALISED WITHIN 12 MONTHS THERE IS ALSO THE ADVANTAGE OF SUSPENDING REPAYMENTS FOR THE REMAINDER OF THAT PERIOD.
  • ALL ACCREDITED BUILDERS ARE REQUIRED TO SUCCESSFULLY COMPLETE A COMPREHENSIVE AUDITING PROCESS.

ADDITIONAL FEATURES:

  • Loan amount – Max Borrower Exposure $7,500,000.
  • Loan terms – 360 months, 12 months for construction.
  • Repayment options – The choice of no repayments for up to 12 months even if construction is completed earlier. P&I payments then apply for Owner Occupied. Interest Only payments up to 48 months are available to Investors if the total LVR is below 90%.
  • LVR up to 92% for Owner Occupied and 90% for Investors including 12 months interest retention and construction risk fee.
  • Redraw – Available after final draw down (on completed construction).
  • Offset account – 100% available (on completed construction).
  • Weekly, fortnightly or monthly repayments.
  • Visa debit card – available for Australian residents only.