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Construction Loans
Whether you are building a home or carrying out major renovations to an existing home, Pioneer will have a construction loan to suit you!
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Pioneer’s construction loan has the same features as the standard term loan however rather than drawing down the entire loan amount at settlement, the loan is drawn down in stages with each draw down usually coinciding with the number of key construction stages. Borrowers are only required to pay interest on the amount that is drawn down.
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How Pioneer's Construction Loans can work for you:
- Full control of construction progress payments You have added security knowing Pioneer will not pay your builder any progress payments prior to receiving your authorisation at each construction stage. This ensures you are happy with that particular stage, before we pay the builder's claim for payment.
- LVR up to 95%. Our construction loan allows you to borrow up to 95% of your property value PLUS you have the option of capitalising the mortgage insurance premium on top of this amount.
- Principal and Interest or Interest Only repayment structures. With Pioneer's construction loans, your initial repayments are set to repay just the interest amount on the portions that have been drawn down. However, once construction is complete you have the option of continuing with this repayment structure up to a maximum of 10 years or alternatively you can repay the principal plus the interest.
- Fully Verified or Lo Doc available. Lo Doc customers are able to apply for a Pioneer construction loan however the maximum LVR is 80%.
- Single dwelling or duplex construction. Our construction loan caters for all types of borrowers. Not only can you build a standard single dwelling home but duplex constructions are also acceptable (LVR restrictions may apply). These options may be popular for investors.
- Home Improvements are acceptable. You can carry out your home improvements via Pioneer's construction loan provided you can supply a fixed price contract.
- 100% Offset & Fixed rates available. With a Pioneer construction loan you still have the added flexibility of having a 100% Offset account during construction with no monthly or annual fees applicable. Or if you want the security of a fixed interest rate during construction, this feature is also available.
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