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Construction Loan

The Allstate Construction Loan has the same features as the standard term loan however rather than drawing down the entire loan amount at settlement, the loan is drawn down in stages with each draw down usually coinciding with the number of key construction stages. Borrowers are only required to pay interest on the amount that is drawn down.

Our construction loan allows you to borrow up to 95% of your property value PLUS you have the option of capitalising the mortgage insurance premium on top of this amount.

With our construction loans, your initial repayments are set to repay just the interest amount on the portions that have been drawn down. However, once construction is complete you have the option of continuing with this repayment structure up to a maximum of 10 years or alternatively you can repay the principal plus the interest. If you are borrowing more than 90% though your repayments will be principal and interest.

Fully Verified or Lo Doc available

Lo Doc customers are able to apply for a construction loan however the maximum LVR is 80%.

Single dwelling or duplex construction

Our construction loan caters for all types of borrowers. Not only can you build a standard single dwelling home but duplex constructions are also acceptable (LVR restrictions may apply). These options may be popular for investors.

Home Improvements are acceptable

You can carry out your home improvements provided you can supply a fixed price contract.

100% Offset & Fixed rates available

With an Allstate construction loan you still have the added flexibility of having a 100% Offset account during construction with no monthly or annual fees applicable. Or if you want the security of a fixed interest rate during construction, this feature is also available. AND you can also have both a fixed rate and an offset account.

   
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