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- Construction Home Loan
Construction Loan
- Owner Occupied
- Variable
- 5% min deposit
- Interest Only
Interest rate p.a.
8.68%
Comparison rate* p.a.
8.75%
Construction Loan
- Owner Occupied
- Variable
- 5% min deposit
- Interest Only
Interest rate p.a.
8.68%
Comparison rate* p.a.
8.75%
Calculate your repayments for this loan
$
Your estimated repayment
$3,617
based on 500000 loan amount for 25 years at 8.68%
Monthly Repayment
$3,617
Total interest
$1,302,000
Total payments
$1,302,000
Start date
05-2024
End date
05-2049
$1,302,000
025 years
Principal owed
Total repayments owed
Interest owed
Pros and Cons
For Construction Loan
Benefits
- No ongoing fees
- 100% full offset account
- Suitable for low deposits
- Extra repayments and redraw facility
- Free redraw facility
Drawbacks
- Higher than average interest rate
- Not available for first home buyers
- Higher than average upfront fee
- Discharge fee at end of loan
- No repayment holidays
Gateway Bank Variable Rate Home Loan overview
For Construction Home Loan
Details
Maximum LVR
95%
Total repayments
$1,302,000
Interest rate type
Variable
Borrowing range
$50k - $2m
Suitable for
Owner Occupiers
Loan term range
0 - 30 years
Repayment type
Interest only
Applicable states
ACT, NSW, NT, QLD, SA, TAS, VIC, WA
Repayment options
Monthly
Target Market Determination
Visit Gateway Bank Ltd to view Target Market Determination.
Features
Extra repayments
Unlimited
Redraw facility
Redraw fee: $0
Offset account
Split interest facility
Loan portability
Repayment holiday available
Allow guarantors
Available for first home buyers
Other benefits
Fees
Total estimated upfront fees
$800
Application fee
$200
Legal fee
$275
Valuation fee
$325
Settlement fee
$0
Other upfront fee
$0
Ongoing fee
$0
Discharge fee
$300
