In this article:
Under Resi Select, they can offer your clients a competitive construction option.
This product is for clients who wish to purchase vacant land with the intention of constructing on it or those who already own vacant land and now need funding to construct their dream property.
Select allow an LVR up to 90% (inclusive of LMI).
The Construction must commence within 12 months of settlement and must be completed within 12 months of first progress draw down.
During construction, the client will make IO repayments on the balance of drawn loan, over this time the IO repayments are made on the P&I rate, which starts at 1.99%. No rate loading during construction. After construction is complete this will revert to full P&I variable repayments.
Progress payments are simple, just email the invoice to the appropriate team and they can begin processing. No other documents and no signature needed.
Only one fee of $395, is charged to your client at settlement. So, there will be no surprises later on.
To access the fact sheet, click here.
For more information on Resi’s Select Construction product, please speak to your BDM or Broker Support.