Victoria Teachers Credit Union


	Home Loans


	Our Home Loans



		Mobile Mortgage Specialist



		Basic Home Loan



		Standard Home Loan



		Offset Home Loan


		Revolving Line of Credit Loan



		Construction Loan



		Bridging Loan

Construction Loan

This is a flexible loan for people who are building a home or investment property, allowing for progress payments to the builder during the construction period.

Main Features

100% Offset¹	Yes
Establishment Fees	$600
Administration Fees	$350 ²
Repayment Frequency	W, F, M ³
Additional Repayments Accepted	Yes
Interest Only Available ⁴	Yes
Redraw Available	Yes
Redraw Fees	$0
Minimum Redraw Amount	$500
Early Repayment Penalty	No
Bonus Loan Protection ⁵	Yes
Maximum Loan Amount	No maximum
Maximum Loan Term	30 Years



		Renting and building a house at the same time can cause financial stress. Paul and Sam found that the Construction Loan was very convenient for them as they could make interest only repayments whilst building.

Interest
Calculated daily and charged monthly in arrears.

Repayments
• Principal & interest repayments.
• Interest-only repayments are also available for 1, 3 or 5 year terms.

Loan to Value Ratio (LVR)

• Maximum 95% of the value of the property (Lenders Mortgage Insurance is required for loans of more than 80% of the value of the property).
• Maximum 60% of the value of the property for owner builders.

Security
First mortgage over owner-occupied or investment property (not available for commercial properties).

Further Information

How Do I Apply?
Applying for your Loan is easy:

•	Download a Home Loan application. Complete the application and return it to the Credit Union by mail, fax or take it to one of our Member Service Centres in Camberwell or Moonee Ponds.

For a list of the documents required to apply for your Loan, download a Loan Documentation Checklist.

To book an appointment with one of our friendly Member Service Consultants, or request an application form, call 1300 654 822.

1. When you link a savings account to an offset facility, you earn no interest under the savings account even if the balance of the savings account exceeds the loan balance.
2. One-off fee to cover progress valuations and draw downs.
3. Weekly, fortnightly or monthly repayments.
4. Monthly repayments only.
5. Available to eligible applicants. Conditions apply.

Learn more about other products and services from Victoria Teachers Credit Union.