PMG Construction Home Loan
Review: PMG Construction Home Loan
If you’re looking for a standard home loan then the Pacific Mortgage Group may be just what you need. Its features will suit most home owners and you get flexible repayment options. There are many advantages to this loan, but one of the main questions you may first need answering is ‘Who exactly are PMG?’
The Pacific Mortgage Group
The Pacific Mortgage Group is still quite a relatively new company. The Group launched in 2000 and has since become one of the biggest online mortgage providers within Australia. The company has been awarded the 5-Star Canstar Cannex home loan rating award for outstanding value. It has also been awarded Australia’s cheapest home loan. All in all PMG have been awarded 20 gold medals for their range of affordable home loans.
If you are looking for friendly service, affordable prices and a loan that you can trust then this is definitely a great option. As well as mortgages the company also offers the following financial help:
- Lines of Credit
- Construction or Renovation
- Refinancing
- No-Doc and Lo-Doc Loans
- Development and Commercial Funding
No matter who you are, a PMG construction home loan could be just what you need. Below you will find information on what this loan provides.
The Benefits of a PMG Home Loan
PMG offers home loans up to a value of $2,000,000. You can choose from loan terms which span from 5-30 years. Other great benefits include:
- Variable Interest Rates
- Flexible Repayment Options
- Easy Account Access
- Unlimited Redraws
- No Fees
- Low Rates
It’s completely free to apply for the loan and you also get a free valuation too (a very nice touch). One of the main benefits that many home owners love is the fact that there are no annual or monthly fees. The only thing that you need to know is that if you cancel the loan while it is in the processing stage, there will be a valuation fee. This fee may vary but it is typically $236.50.
The standard variable rate is 5.93% The different types of loans will have a varying interest rate. Fixed home loans have a rate of 6.60% for 5 years, where this figure lowers to 6.09% for 3 years.
The repayment options on offer are fantastic and give you flexibility.
You can choose to pay off the loan weekly, fortnightly or monthly. You can also choose whether to just pay off the interest or the principle and the interest. In terms of how you actually repay the loan, you can choose from direct salary crediting or direct debit.
One advantage which many homeowners will like is the fact that you have unlimited redraws. This means that you can redraw any additional money that you have paid on the loan. There will usually be a minimum amount that you can redraw, but not with the PMG home loan. You are allowed to start making redraws 24 hours after lodgement. You can use the redraws to pay off contractors.
Understanding a Construction Loan
If you’ve never heard of a construction loan before let us explain. Basically it is designed for homeowners who plan on building their own home. When you take on a task like this you need more than just a home loan; you need something that will cover you as you build the home.
A construction loan lowers your repayments for the first year while the home is being built. You can also use a construction loan if you are renovating a property. Progress payments are made to the builders as they reach various milestones.
Until the construction has been completed, you will typically only need to pay interest. Once it has been completed the loan will switch to a variable rate. Or you could chat with PMG to see whether a fixed rate interest is available.
Overall when choosing a construction loan it is a good idea to shop around first. Compare your options and choose the one that best suits your needs. The PMG construction home loan is suitable for most people, and it comes with great interest rates, flexible repayment terms and no fees.
From all the loans of its type on the market we think it’s definitely worth looking into. Why not contact PMG today to see whether this would be the right type of loan to suit you?
Top Home Loans
| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing | |
|---|---|---|---|---|---|---|---|
 Loans.com.au - Dream Catcher | A home loan offer with a $0 application fee and one of the lowest available home loan interest rates. | 5.85% | 6.21% | $0 / $375 | 80% | $50,000 / $750,000 |
 
|
 Bankwest Online Home Loan | A low interest rate home loan with a $0 application fee and ongoing maintenance fees. This offer is exclusively available by applying online. | 5.97% | 5.97% | $0 / $0 | 80% | $100,000 / $1,000,000 |
|
 Illawarra Home Loans Bank Beater Home Loan | A low variable rate, beaten down even further by 0.05% p.a. after 5 years. | 6.07% | 6.35% | $0 / $345 | 90% | $250,000 / $1,000,000 |
|
 State Custodians Mortgage Company Standard Variable Offset Loan | Awarded Mortgage of the Year 2012 – this multi-award winner features 100% offset and a loyalty 0.25% rate drop after 5 years. | 6.02% | 6.23% | $0 / $345 | 95% | $150,000 / $1,000,000 |
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