22nd November 2014
WHAT IS A CONSTRUCTION LOAN? The financial requirements of constructing a new home can be rather different from purchasing an existing property. To meet the needs of this area of the home loan market many lenders offer what is known as a construction or building loan. With a construction loan, you can break up the drawdown of the loan amount into five progressive draws which parallel the construction phases - slab down and complete, frame work complete, external brick work complete, lock up stage and final completion. As one phase of the construction is complete, you are able to draw down the next portion of the loan.
Yarraville
104 Somerville Road 9316 9000
Williamstown 1/66 Douglas Parade (Corner Stevedore Street) 9393 1600 www.jasstephens.com.au
This means that interest is only calculated on that amount which has been physically drawn down, and you are only making repayments on the portion you have used. Advantages 1. Construction loans allows interest only payments for the land portion prior to construction and interest only payments during the construction process 2. The funds will be paid to you in drawdowns ensuring you only pay interest on the portion of the construction loan you have drawn down 3. Upon completion of construction, your construction loan will automatically revert to a standard variable rate home loan 4. 5.
Construction loans are available for both registered builders and owner-builders
You have up to 24 months to complete construction after settlement of land
6. The total construction loan may be split between two accounts after construction is complete to identify personal and investment debt made. Possible Disadvantages 1.
Owner-builders are allowed a maximum 50% Loan to Value Ratio (LVR)
2.
Funds are released at predetermined stages after proof of work has been established
3.
Council approved plans and a fixed price tender is required at time of the Construction loan application.
Craig J. Stephens Managing Director / Officer in Effective Control M 0418 547 938
Jas H Stephens Pty Ltd (Jas Stephens) is bound by and adheres to the Australian Privacy Principals (“Principals”) contained in the Privacy Act 1988. Those Principals regulate most of our activities with respect to personal information collected, stored, used and disclosed by is. Our full privacy policy can be found at www.jasstephens.com.au. The purpose for which we may collect, hold, use and disclose your personal information are:-for security reasons- to keep a record of who has attended open inspections; to contact you in respect of the property and other properties we believe may be of interest to you; to provide you with a contract of sale and other documents you may request; to update you generally through the course of the campaign. We may also use your personal information to market other properties which we think may be of interest to you and to send you marketing material from our agency. You can always “opt out” if you do not wish to receive marketing material. By providing your personal information you consent to us using your personal information as described above. If you choose not to give us your information, we may not be able to provide an effective service to you. Your personal information is stored in a combination of computer facilities and paper based files and other records, which are located on site at our office and off site at secured premises. If you would like to discuss how we manage your personal information or complain if you think we have breached the Principals or to update/correct the information we are holding please call 9316-9000 or email privacyofficer@jasstephens.com.au We have obtained all information in this document from sources we believe to be reliable, however, we cannot guarantee its accuracy. Prospective purchasers are advised to carry out their own investigations. We strongly recommend that you clearly register your interest with our representative at the open for inspection, so that in the event of a sale being imminent, your position is protected. We make every effort to contact all interested parties prior to a property being sold.
MEET THE TEAM
Does your career need a new direction?
ALEX TEEUWSEN Personal Assistant to: Terry Fitzpatrick, Anna Grech & George Alexander
Make the most of opportunities. Positive and motivated sales people needed. Part time or Full time.
NATHAN GLEESON Sales Consultant
REECE GOSSTRAY Projects Sales Manager Banbury Village Sales Manager
HELEN CORALLO Personal Assistant for Branko Lemaic & Tate Moore
Mobile 0409 556 584
Mobile 0418 378 276
Mobile 0438 591 785
Email ateeuwsen@jasstephens.com.au
Email ngleeson@jasstephens.com.au
Email rgosstray@jasstephens.com.au
Email hcorallo@jasstephens.com.au
NICOLE GRECH Marketing Manager
LACHLAN MCCRAW New Business Development Manager – Rental Department
DARIA BECK Rental Department Manager
NICOLE SMITH Leasing Consultant Rental Department
SUE STEVENS Property & Finance Consultant
MAX WALLER Director Provincial Home Loans
Mobile 0423 590 508
Mobile 0400 335 498
Direct Line 9316 9007
Direct Line 9316 9039
Mobile 0432 705 815
Mobile 0438 430 436
Email ngrech@jasstephens.com.au
Email lmccraw@jasstephens.com.au
Email dbeck@jasstephens.com.au
Email nsmith@jasstephens.com.au
Email Email suestevens@provincialhomeloans.com.au maxwaller@provincialhomeloans.com.au
Mobile 0487 648 159
Join our successful sales team. Call Nicole Grech on 9316 9012 to discuss your options.