Construction & Land Loans
Whether you are borrowing funds to construct your home at the same time you are purchasing the land or are doing so after you already own the land, it is possible for the Greater to lend up to 90% of the combined value of the house and land.
Key Features & Benefits
- Flexibility
- The Greater to lend up to 90% of the combined value of the house and land
| Interest type & rate |
| Interest type |
Variable |
| Interest Rate |
From 6.55%p.a.
View interest rate schedule |
| Comparison Rate* |
From 6.55%p.a (for an amount of $150,000 over 25 years)*
View comparison rate schedule |
Loan term
|
| Loan Term |
Up to 30 years |
| Maximum amount |
95% of the value of the property being purchased or the security provided^ |
| Repayments |
| Repayment type |
Principal and interest
Interest only |
| Repayment frequency |
Weekly, fortnightly or monthly |
| Extra repayment |
Yes |
| Early repayment |
Yes |
| Redraw |
Yes |
| Fees & Charges |
| Establishment fee |
$1,200 (some or all of this may be deferred at our discretion) |
| Annual Fee |
Nil |
| Monthly fee |
Nil |
| Other Features and benefits |
| Free Holiday |
Yes |
Account Free of
Greater Transaction Fees |
Yes |
| Split Loan |
Yes |
| Loan Offset |
Yes |
| Free Internet Banking |
Yes |
| Free Phone Banking |
Yes |
When the time comes to commence the construction of the home we insist that some strict required standards are adhered to.
These standards may not always suit the builder that is building your home, however we have designed them to protect you from any unforeseeable circumstances that may arise.
All payments to the builder are made progressively in accordance with the value of work that has been completed. A licensed valuer or other principal certifying authority is required to inspect the construction site and provide an assessment of the value of work undertaken at that time and the value of work yet to be completed.
This ensures that no payments are made prior to the work being completed and the loan payments we ask you to make during construction are minimised as you only make them on amounts advanced for completed works and installed PC items.
In the unfortunate circumstance where your builder becomes financially insolvent, you will only have paid for the work completed. You can then appoint another builder to complete the work without being further financially disadvantaged.
Also, your builder cannot place you under any pressure to make early or excess payments as you simply refer the builder to the Greater Building Society for payments.
In addition, you do not have the difficult task of trying to assess the value of work completed yourself as a licensed professional takes care of it for you.
Line of Credit and Fixed Rate Loans are not available for Construction Loans.
Construction Loans for owner builders are also not available unless you have a property other than the one being built.
If you would like to make an application for a Land or Construction Loan call us on 1300 721 253.
* WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
^ This may vary depending on the type and location of any security property.
