Building a home is an exciting yet sometimes challenging experience. Our Connective Essentials construction loan is designed to make the process simple and stress-free for you and your customers.
On 29 May we introduced an initial 2-year IO period for all new and existing Connective Essentials construction loans. This helps account for any unexpected delays by giving customers more time to complete their construction, without having to apply for an extension.
We’ve also digitised the process so construction loans will automatically convert to Principal & Interest once construction is complete, or when the 2-year Interest Only period has expired - whichever comes first.
If the 2-year Interest Only period expires prior to the construction being completed, the loan will revert to a Principal & Interest construction loan.
If required, we may be able to extend the Interest Only period for up to another 12-months. This can be requested as per the current Interest Only extension process. Construction must not exceed 36-months
Why choose Connective Essentials for construction
- Plenty of time to complete the build with an initial 2-year Interest Only period.
- Great value with our standard Principal & Interest rate applied across the Interest Only period.
- Exceptional support from a dedicated credit assessor and case manager who look after you throughout the construction experience.
- No progressive drawdown fees.
- No valuation fees.
- No loan vaiation fees.
If you have any questions or would like to discuss a customer’s scenario, please contact your Connective Essentials Business Development Manager.
