Our Home Loan and Mortgage Products
CONSTRUCTION LOAN
As we have a cost effective internet business model that doesn’t have to pay branch overheads or broker commissions the QuickDirect Construction home loan provides a very competitive rate if you are building your new home or investment property.
Simplifying the process the QuickDirect Construction loan only requires an initial and final inspection, instead of the standard procedure where inspections are required at every interval during the progress of your construction.
To view our current Construction loan rate click here
This is the perfect loan for you if you are:
- Buying land and want to build your home on it
- An investor looking for a residential project loan
Features include:
| Loan amounts |
Minimum Loan of $50,000. Maximum loan of $1,000,000 (more with special approval). |
| Interest rate type |
Variable rate only during construction period |
| Term |
10 to 30 years. |
| Repayment type |
Interest only during the construction period, and then reverts to a Variable Rate Home Loan. Can revert to another product if notified in writing prior to the final draw down. |
| Combination and splits. |
Not available during construction period. |
| Repayment options |
Direct Debit either monthly or fortnightly. |
| Additional repayments |
Not available during construction period. |
| Redraw facility |
Not available during construction period. |
| Withdrawals |
Not available during construction period. |
| Salary crediting |
Not available during construction period. |
| Ability to switch |
Not available during construction period. |
| Statement issued |
Quarterly. |
| Deferred Establishment Fee |
During year 1 1.00% of original loan amount
During year 2 0.80%
During year 3 0.60%
During year 4 0.40%
During year 5 0.20%
Year 6 onward 0.00%> |
| Other Fees |
$295 progress inspection fee. |
| Substitution |
Not available during construction period. |