Special purpose loan designed for those building their own home. Allows for periodic draw down of funds as construction reaches certain stages with interest calculated on the balance of funds as you use them during the construction phase. At completion, the loan can be rolled into any of our range of home loans.


  • Pay interest only on funds used to date
  • 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
  • Also suitable for house and land packages, off the plan purchases, renovators and owner builders
5.88 % p.a. Interest rate 5.91 % p.a. Comparison rate

Product Features:

Home Loan Features
Minimum loan amount : No minimum
Maximum LVR : 95%
Maximum loan term : 12 months or upon construction completion - initial interest only period. On completion, select from variable, fixed or split home loans for the remaining term up to 30 years.
Interest charges : Calculated daily, charged monthly
Repayment type : Interest Only (during construction period, then reverting to Principal & Interest repayments)
Repayment frequency : Interest Only (during construction period) - monthly due 1st day of each month
Monthly loan fee / Annual Package fee : 0
Extra repayments : Not during construction period
Interest offset : Yes
Redraw : Not during construction period
In principle approval : Yes
Lenders' Mortgage Insurance : Required on loans over 80% LVR
Loan preparation fees : Refer to Fees & Charges brochure for current fees applicable
Increase/top up : Yes, subject to approval
Second mortgage security : On application
Vacant land as sole security : Yes, but only prior to construction commencing