Building The Future For All Australians
- Maximum Loan amount - $300,000.00
- Maximum LVR - 85%
- Interest rate - 7.75%* during construction
Construction to be under taken by registered builders only. Owner builders are unacceptable. Construction funds will be advanced on a progressive draw basis against valuer reports. Any borrower contribution towards the construction costs is to be expended prior to the advance of any loan funds.
Unless other wise agreed progressive draws will be limited to six.
Unless otherwise agreed the construction period will be limited to a maximum period of seven months from the settlement date. Upon completion of the construction, the loan will revert to the Universal Home Loans standard variable, fixed rate, or interest only loans. Interest only is limited to a maximum of five years including the construction period.
Requirements:
All construction loans are to be submitted to Universal Home Loans.
The loan application package you submit should include:
- A signed draft copy of the fixed price building contract.
- A copy of the council approved or draft plans and specifications for the building work.
Universal Home Loans will then arrange the appropriate valuation on an "on completion" basis.
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