Building and renovating your own home can be either extremely rewarding or terribly stressful. Like any project, your home requires planning both architecturally and financially. Webdeal offers a range of extremely flexible home loan products at outstandingly low interest rates.

Webdeal Construction Loan

If you’re building a new home or planning major renovations to your existing home, a construction loan is generally the most appropriate funding option.

The difference between a construction loan and a standard home loan is that instead of a lump sum payment at the time of settlement, the loan is usually drawn down in stages. Payments (or draw downs) coincide with the initial purchase of the land followed by a number of key construction stages. This results in your monthly repayments gradually increasing as construction progresses until the building is finished. Upon completion of your property, the Webdeal Construction Loan reverts to a standard variable rate product.

Webdeal Construction loan is perfect if you wish to :

• build a home
• buy land to build your home or an investment property
• build on land you already own
• extensively renovate your existing home
• borrow at very competitive interest rates

With Webdeal, you can borrow up to 90% of the land value and up to 95% of completion value (land plus building costs) with no progress inspections for payments. Best of all, the Webdeal Construction Loan is suitable for both owner occupiers and investors. This loan also provides for interest only repayments during the construction phase before reverting to principal and interest at the same low variable rate.

 

Interest Rate	Only 7.17%
Loan amounts	Minimum Loan of $50,000. Maximum loan of $1,000,000 (more with special approval.)
Interest rate type	Variable rate only during construction period
Loan Term	10 to 30 years.
Repayment type	Interest only during the construction period, and then reverts to Advantage Rate Loan (at 7.17%). Can revert to another product if notified in writing prior to the final draw down.
Combination and splits	Not available during construction period.
Repayment options	Direct Debit either monthly or fortnightly.
Additional repayments	Not available during construction period
Redraw facility	Not available during construction period
Withdrawals	Not available during construction period
Salary crediting	Not available during construction period
Switching Loans	Not available during construction period
Frequency of Statements	Quarterly
Deferred Establishment Fee	During year 1      1.00% of original loan amount During year 2      0.80% During year 3      0.60% During year 4      0.40% During year 5      0.20% Year 6 onward    0.00%
Other Fees	$595 settlement fee $295 progress inspection fee.
Substitution	Not available during construction period

Home Renovation Loan

A construction loan is most suitable for extensive home renovation projects or substantial rebuilding. If you are looking to update your bathrooms or your kitchen, perhaps add some decking to your back yard, or add a pool – you may wish to use the existing equity in your home to fund the renovation.

If you already have some equity in your home, why not access these funds to renovate. If handled correctly a renovation can both improve the quality of life enjoyed by your family and add to the family wealth position.

Renovation Scenario:

Webdeal Advantage Rate home loan makes it possible for you to make redraws against the equity in your home to fund home improvement or renovation and do so at a very low interest rate

Interest Rate	Only 7.17%
Loan amounts	Minimum Loan of $50,000. Maximum loan of $2,000,000 (minimum of $25,000 in combination or split.)
Interest rate type	Variable rate only
Loan Term	10 to 30 years.
Repayment type	Principal and Interest (amortising) or Interest only up to 5 years.
Combination and splits	Up to 4 accounts splits are possible (will consider more) or combine with Fixed Rate Loan or Line of Credit loans.
Repayment options	Direct Debit or Salary Crediting either monthly or fortnightly. Internet or telephone transfers from pre-nominated account for additional repayments.
Additional repayments	Unlimited repayments available on variable rate loans.
Redraw facility	No minimum redraws via Internet or telephone banking to pre-nominated account on P& I accounts only.
Withdrawals	Cash withdrawals not available other than electronic transfers as above.
Salary crediting	Available on both Principal and Interest and Interest Only loans.
Switching Loans	Can switch all or part of loan limit to another product.
Frequency of Statements	Quarterly
Deferred Establishment Fee	During year 1      1.00% of original loan amount During year 2      0.80% During year 3      0.60% During year 4      0.40% During year 5      0.20% Year 6 onward    0.00%
Other Fees	$595 Settlement Fee
Substitution	Can substitute security within loan limit.