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Construction Loan - Lifestyle Home Loans
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| Variable Rate: | 7.27% |
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| Comparison Rate: | 7.32% |
| Type of Loan: | Construction Loan for Residential owner occupied or investment properties. |
| Term of Loan: | Maximum Term of 30 Years |
| Loan Size: | 90% LVR $70,000 Minimum to $750,000 |
| Direct Salary Crediting: | Have your regular income paid directly into your home loan account, and use your Redraw Facility by phone or internet banking to access your money when needed. |
| Interest Rate Options: | Interest Only during construction reverting to: Variable Principal & Interest. Variable Interest Only 1-10 years. Fixed Principal & Interest 1-5 years Fixed Interest Only 1-5 years |
| Repayment Frequency: | Weekly, fortnightly or monthly. |
| Additional Repayments: | After construction period additional payments can be made by direct debit, by direct salary credit or funds can be transferred into loan account by using internet or telephone banking. Not available on Fixed Loans. |
| Redraw: | $50.00 minimum redraw amount, funds are transferred to nominated bank account by direct credit. Can be arranged using telephone or internet banking. |
| Split Loan Facility: | You can have up to 4 separate accounts on the one loan facility. |
| Convert To Fixed Rate: | After Construction period you can switch to a fixed rate at any time. |
| Monthly Fees: | No monthly administration fees. |
| Application Fee: | Nil |
| Valuation & Legal Fees: | Valuation Fee: $220.00 Legal Fees: $475.00 Inspection Fee for Progress Payments: $110.00 |
| Transaction Fees: | Unlimited free transactions per month |
| Unused Facility Fee: | Not Applicable |
| Early Repayment Fee: | Deferred Establishment Fee of 0.8% of the original loan if the loan is discharged within the first 4 years. |
| Lenders Mortgage Insurance: | Premium is only payable by the borrower when LVR is greater than 80% |
The Comparison Rate is based on a loan of $200,000.00 for 30 years, fees and charges may be payable, a Comparison Rate schedule is available in the premisies.
Warning: The Comparison Rate applies only to the example given different amounts and terms will result in different Comparison Rates. Costs such as redraw fees or early repayment fees, and costs savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan.
