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Loan Types
Land and Construction
You can't beat the feeling of moving into a new house. It is often said that our homes are our castles but this is especially so when you are the very first to live in it.
Whether your intention is to buy a block of land and build at a later date, or borrow for both at the same time, the Greater has a great range of products to help you do it.
Land Loans
Other than our Line of Credit facility, all of the home loan types that we mention on our website are available if you are purchasing vacant land and you can take advantage of the many benefits they offer.
If you don't intend to borrow funds to construct a home at the same time you borrow to buy the land you will be required to contribute a 10% deposit towards the purchase.
The great thing about having a Land Loan with the Greater is that when the time comes for you to borrow money to build your home, as long you are borrowing an additional amount of at least $20,000 we won't charge you an application fee and there won't be any additional legal fees.
Construction 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 95% of the combined value of the house and land.
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 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 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.
Constant Credit and Mortgage Express loans are not available for construction loans unless you have a property other than the one being built to offer as security, but you have the full choice of interest rate options available to you and the benefits that come with them.
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 go call us on 131386.