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Advest Land Loan

Product Guide

This loan allows customers to purchase a block of residential land with intent to construct a home. After settlement, construction must commence within two years.

Purpose
For the purchase of land with intention to commence construction within 24 months..

Minimum Loan Amount $50,000.00

Maximum Loan Amount $500,000.00 (considered on a case by case basis)

Loan To Value Ratio up to 95% for metropolitan areas
up to 85% for regional areas

Term 30 years – 2 years for land and then converts into a construction loan

Interest Rates variable during land and construction period, then the option to fix all or part of the loan for periods of 1-5 years

Interest Only Automatic for 2 year land only period

Repayment Type Interest only during land and construction period, then converts to a Principle and Interest loan

Repayment Options Repayments are monthly via the following options:
• direct deposit salary crediting
• direct debit

Additional Payments Payments to reduce the principle and interest payable can also be made via:
• deposit card at any Post Office
• direct credits from other Banks, Building Societies or Credit Unions
• BPay from other Banks, Building Societies or Credit Unions
• Payments will not be received that will take the balance into credit
• Break cost fees may apply to fixed rate accounts.

Lenders Mortgage
Insurance Paid by Funder where LVR is up to 80% for loan amounts up to $2m

Additional Parameters Some specific terms are applied to this loan including:
• Funds from a land loan must be used to purchase land
• Upon commencement of construction the loan is converted to a construction loan
• On completion of construction the loan is converted to a standard Principle and Interest loan
• Total time period allowed from land purchase to end of construction is 30 months – 24 months for land only and 6 months for construction
• Land may be up to 10 hectares in size but must be zoned residential
• No owner builders permitted


Fees: Please refer to our Fees and Charges

 


Interest Rate 6.95%

Comparison Rate 6.97% pa#

based upon a $300,000

mortgage over 30 years

Comparison Rate Schedule




Key Features

• No account keeping Fees
• Internet and phone access including funds transfer
• Deposit card
• Fortnightly or monthly payment options
• Redraw Facility
• Additional payments
• Direct debit
• Bpay
• 6 monthly statement
• Lo Doc option – please refer to Lo Doc profile


Phone us on:

1300 851 353

or

request a consultant

Important notice: # Comparison rate is calculated based on a loan of $300,000 over 30 years based on monthly repayments. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and costs savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. A Comparison Rate Schedule is available.

This information has been prepared without taking into account the objectives, financial situation or needs of any particular individual. For this reason any individual should, before acting on this information, seek appropriate professional, financial and taxation advice. Applications for any Advest Loan is subject to Advest’s normal loan approval process. Full terms and conditions will be included in any loan offer. Fees and charges are payable.

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