Advantage Plus Construction Loan
 Austral’s Advantage Plus Construction
Loanis available with several flexible
options:
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Fixed or Variable interest rate |
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100% Offset Home Loan |
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Go- Between Loans
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How Does It Work?
Building is generally completed in several stages. Once a stage is
completed, the builder will issue an invoice.
If the stage has been completed to your satisfaction, you will authorise
us to pay the builder.
This means the loan is drawn down in stages through progressive
payments. The builder will issue you with approximately 5 invoices
during the course of construction.
Prior to making a payment to the builder, we may confirm the works
claimed are completed by way of a valuation (usually with 2nd and the
final progressive payment).
How do I authorise each claim to be paid?
With each builder invoice, you will need to visit the construction site
to confirm that the works claimed are substantially complete.
You will also need to check the amount claimed by your builder against
you building contract payment schedule, to ensure they are not claiming
more than they are due.
If you are satisfied with the claim, send a Progress Payment Authority
form, which will be included in your loan documentation, and the builder’s
invoice to us for payment.
There is a 5-day processing time to respond to the builder’s claim after
we receive the Progress Payment Authority and the builder’s invoice
from you.
When do I have to use my own funds?
When your total building cost is greater than the amount of funds that
the bank is holding in your construction loan account, you will be
required to use your own funds to wards the cost of the building
project (at the commencement of construction)
What is required for the final payments
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Builder’s final invoice |
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Building Insurance Certificate of Currency, noting Adelaide Bank Ltd as an interested party |
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Progress Payment Authority, with the final claim section completed, signed by the applicant(s).
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Product Features at a Glance
Minimum Loan Amount
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$50,000 |
Maximum Loan Amount
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$5,000,000 |
| Maximum LVR |
90% (plus Mortgage Insurance Premium) on Owner Occupied & Investment purchases P & I Accounts Only
80% on Interest Only accounts
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| Loan Terms up to |
30 years
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| Interest Only up to |
10 years
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Fixed Rate options for up to
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5 years
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Split Loans Available
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No ongoing Fees & Charges
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Online & Telephone Account Management System
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Direct Debit
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Direct Salary Crediting
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Monthly Loan Statements if combined with an Offset Account
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Ability to switch between variable and fixed intereset rates
(fee applies)
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Unrestricted Additional Repayments
(Fixed Rate - term portion max. $20,000 p.a. above normal repayments without break cost penalty).
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Unlimited excess repayments can be paid into the offset account without penalty even when fixed. |
Loan is portable to another security property
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