Homestar Advantage Construction Loan
Posted September 20th, 2010
and last modified May 16th, 2012
What happens when I click Enquire Now?
- Clicking Enquire Now will take you to the lender's website
- After completing the contact form, a mortgage expert will contact you
- The mortgage expert will ensure you find the right loan, calculate your repayments, and explains all the associated fees
- After going through the enquiry process you will be able to know how much you can borrow, begin your application when you are ready to apply and be approved for a home loan
There are many different types of loans available to people for many different personal circumstances. People who have a lot of savings may get a home loan that has an interest offset account to reduce their interest repayments. People who are on a limited income may get a fixed rate loan so they know how much their repayments will be. If you are building a house then you will want to get a construction loan so you are able to reduce the amount that you pay while you are building your home. The HomeStar Advantage Construction Loan is a construction loan with a variety of features and a low interest rate so you can be sure that you are saving money.
Features of the Homestar Advantage Construction Loan
The Homestar advantage construction loan comes with a variety of features that will help you save money. The features of the Homestar advantage construction loan are:
- Interest only repayments.While you are building your home you will only have to make the interest portions of the repayments. This will allow you to set more money aside for other things during this expensive time.
- Pay interest on what you use. While you are constructing your home you will pay the builder in three lump sum payments throughout the construction process. You will only pay interest on the amount that you are using.
- Final valuation. When building has been completed you will then have to have the property valued. The valuation will be conducted after all building has been finished and will cost $395.
- What happens when construction is completed. When construction is completed on the home you will then have to start paying off the principal portion of the loan. When the construction phase is finished the construction loan will revert to the advantage loan. When you do this you will be paying off your home loan and building up the principal in your home.
Who is Suited to the Loan?
The Homestar advantage construction loan should only be considered if you are undertaking major works on your existing home, or building a new property. For example, the Homestar advantage construction loan is suited to people who are:
- Buying land to build. The main type of people that will use the construction loan will be people who are buying land to build a house. If you are planning on doing this Homestar advantage construction loan will help reduce your costs while you are building your new home.
- Buying into a residential construction project. Residential building projects are planned developments that will be built in the future. The residential construction projects may be units in a planned high rise building or houses in a building estate. When you are buying a residential construction project you will usually not see your apartment beforehand but you will see plans or even a display home so that you know what you will be buying. The Homestar advantage construction loan will allow you to buy into these projects and save money while the home is being built.
The Homestar advantage construction loan is a home loan that caters to a specific group of people. The Homestar advantage construction loan is suited to people looking to build a new home or to people that are buying into a residential construction project. The Homestar advantage construction loan comes with a variety of features that will help you save money over the course of the loan. If you would like to know more about the Homestar advantage construction loan compare construction loans today.
Read the HomeStar Advantage Construction Home Loan terms and conditions.
| Minimum Loan Amount | $150,000 | |
|---|---|---|
| Maximum Loan Amount | $2,000,000 | |
| Maximum LVR | 95% | |
| Maximum Insured LVR | 90% | |
| Mortgage Offset Account | No | |
| Loan Redraw Facility | No | |
| Split Loan Facility | No | |
| Fixed Interest Option | No |
| Interest Rate Type | Fixed | |
|---|---|---|
| Interest Rate | 6.33% | |
| Comparison Rate | 6.34% | |
| Repayment Type | Interest Only | |
| Repayment Frequency | Weekly | |
| Extra Repayments | No |
| Application Fee | $0 | |
|---|---|---|
| Service Fee | $0 |
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