Building a new home? G&C Mutual Bank Construction Loan is for you!
This is a special purpose loan designed to assist members building their own home or investment home. Ideally suited to a contract builder project, this loan allows for periodic draw down of funds as construction reaches certain stages.
You only pay interest each month calculated on the balance of funds as you use them during the construction phase.
At the end of the construction period, you may then roll the loan into any one of G&C Mutual Bank’s range of home loan products or even split your loan between several products to take advantage of their various benefits.
Benefits for me!
- Pay interest only on funds used to date
- You are not locked into a particular product on completion of construction
- Easy payment of builder’s progress claims
- No progress payment fees
- First Home Owners Grant eligible
Suitable for house and land packages – your first progress payment can be for the land purchase whilst construction planning is being finalised.
Buying off the plan? We can help you with financing that purchase.
Owner/builders and renovators are welcome too.
Construction Loan rates for me!
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Interest rates effective 2 December 2016
1 Eligibility criteria, terms & conditions and fees & charges apply. Rates applicable to individual loan contracts may vary.
2 Comparison rate based on $150,000 loan over 25 years.
WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.