|
Lender |
 |
|
Lender Name |
ING |
|
Product Name |
CONSTRUCTION |
|
Product Type |
VARIABLE |
|
Interest
Rates |
Comparison
Rate
Schedule
Latest
Interest
Rates
Compare
Other
Lenders |
|
Redraw
Facility |
Not
available
until after
construction
is completed
Conditions
apply for
access to
Telephone
and Internet
Banking Note
Redraw not
available
during the
construction
period |
|
Offset |
Not
applicable |
|
Fees |
Establishment
Fee Nil
Account
Keeping Fee
Nil
Additional
Valuation
Fee $250 to
be paid
upfront
Final
Valuation
Fee upon
Certificate
of Occupancy
$200
Document &
Settlement
Fee Fee
displayed as
Mortgage
Preparation
)
Document &
Settlement
Fee $165 (WA/SA/ACT/TAS)
Document &
Settlement
Fee $220
(NSW/VIC/QLD)
Increase /
Decrease
$100
Deferred Est
Fee
1 Year $1400
2 Year $1050
3 Year $700
4 Year $ 350 |
|
LVR |
Customers
contribute
their equity
upfront
towards the
purchase of
land
Construction
Loan
Postcode LVR
up to $1.05M
(inclusive
of land
component)
Subject to
mortgage
insurers
policy;
generally:
Up to 90%
LVR for
owner-occupied
loans
Up to 90%
LVR for
investment
loans
If LVR
exceeds 80%
(70% in some
areas -
refer
postcode LVR
policy) |
|
Repayment
Type |
Principal &
Interest and
Interest
Only
P& I or
interest
only
available
for maximum
of first 5
years of
loan term.
Owner
Occupier and
Investment P
& I and
Interest
Only options
available.
During
Construction
Interest
only on
balance of
funds drawn
Interest
capitalisation
is NOT
permitted
After
Construction
Once
construction
is
finalised,
or 1 year
after
settlement
date of
land-
whichever
occurs
first, the
loan will
convert to a
Standard
Variable
Rate
Loan
Switch to a
different
type of
product at
this time
may be
considered |
|
Repayment
Options |
Fortnightly
or monthly
repayments
During
Construction
Interest
Only
repayments
Additional
repayments
permitted |
|
Repayment
Method |
Fortnightly
or monthly
repayments,
Direct
Debit,
Internet
Banking |
|
Extra
Repayments |
Yes |
|
Special
Offers |
Construction
Loans
convert to
the Standard
Variable
Rate at the
end of the
construction
period |
|
Term |
Maximum term
in
construction
is 12
months, loan
converts to
Mortgage
Simplifier
on
completion
of the
construction
or after
12months
whichever is
sooner
Maximum term
30 years |
|
Loan Size |
Minimum $50K
Maximum
Owner
Occupier $2M
Investment
90% LVR for
loan amounts
up to
$300,000
Loans higher
than
$500,000
require ING
Bank Risk
Management
approval |
|
Mortgage
Insurance |
Lenders
Mortgage
Insurance
required 80%
LVR (refer
to postcode
policy) |
|
Acceptable
Income |
Applicant
Types
PAYG Income
Earners
Self
Employed
Retirees
evidence of
ongoing
capacity to
repay after
retirement
is mandatory |
|
Product
Change |
Available
after
completion a
fee of $250
applies. |
|
Statements |
During
construction
statements
issued
monthly.
After
Construction
as per
product
applicable. |
|
Portability |
Yes (fees
apply) |
|
Split Loan
Facility |
Not
available |
|
Special
Notes |
|
|
Target
Market |
Owner
Occupier,
Residential
Investment,
Construction
Maxim term
generally 12
months for
construction
then reverts
to variable
rate
First-time
home buyers
with
evidence of
deposit and
strong
ability to
repay
Home owners
undertaking
extensive
renovations
NOTE owner
builders and
developers
are not
eligible |
