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Borrowers pay interest only on the amount drawn during the build and make interest-only repayments while construction is underway. The guide explains eligibility timelines for initial drawdown and build completion, required documentation, valuation processes, options such as offset accounts and redraw eligibility, and scenarios where a separate land loan may be needed. 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You only pay interest on the money drawn down during construction, not the whole amount. This could free up cash for other commitments while you’re still building.  \n2  \nSuitable for new builds and structural renovations  \nYou can use a Construction Loan for a knock-down and rebuild, or a major structural renovation (the kind of renovation where you move a wall, add a room, change the roofline of the property) .  \n3  \nMake Interest Only repayments during construction  \nYou don’t have to start repaying the principal loan amount until after construction has finished. This means your repayments may be lower than they would be if you were paying both Principal and Interest during the build.  \n4  \nYou’ll have 6 months to draw on your loan, 24 months to complete your build  \nYour first request to draw down on your loan to pay your builder (progressive payment request) will need to be made within 6 months of receiving your signed Letter of Offer. It’s important to finish building within 24 months from the date of your first drawdown, as any remaining funds may not be available after this end date.  \n5  \nUse your own cash before first drawdown  \nIf you plan on contributing any of your own funds, you’ll need to use your own cash contribution first before ANZ makes the initial drawdown to your loan.  \n6  \nA valuation is conducted to confirm the estimated value of your finished home  \nYour Lender or Broker will organise a ‘Tentative on Completion’ valuation as soon as you have building plans and a contract. This is to confirm the projected value of your new home, your likely available equity and how that impacts the amount you can borrow.  \nNote: If your construction exceeds $2m a Quantity Surveyor Report (QS) will be required. Talk to your Lender or Broker to learn more.  \n7  \nYou can link an offset account  \nIf you choose our Construction Loan with a standard variable interest rate, you can use an offset account.  \n8  \nRedraw is not available during construction  \nRedraw is not available while you’re building, but once the loan is fully drawn, any additional repayments you make will be available to redraw. To be eligible for redraw, the loan must be a variable rate product and meet eligibility conditions.1 Redraw is not available on Fixed Rate Loans.  \n9  \nYou may need a Land Loan  \nIf you want to buy land to build on, you may need a Land Loan as well as a Construction Loan. You can choose to keep the loans separate or you may be able to combine the two, even if you have one with another bank.  \n10  \nChat to us early in your process  \nIt’s a good idea to talk to your Lender or Broker about your options. We can help you explore how to finance your deposit and how much you could borrow so you’ll have a good idea of your potential budget. We can also help you with getting your loan pre-approved before you’ve chosen your builder. .2  \nSIMPLE STEPS  \nTO SORT OUT YOUR LOAN  \nThere are 5 key steps to sort out your construction loan, taking you from application through to finalising your loan and being ready pay your builder.  \n1. Applying for a Construction Loan  \nWe’ll ask for:  \nyou  \nDocuments showing your income, expenses, assets and liabilities Your building plans (not yet approved by council)  \nYour Fixed Price Building Contract (not yet signed), includingthe project’s specifications and inclusions a","cbCaijXuqsJvpV2J","https://ap.wps.com/l/cbCaijXuqsJvpV2J","pdf",1998792,"English","# Construction Loans\n## Top 10 things to know\n## Simple steps to sort out your loan\n## Get in the know: How much to pay at each stage\n## How to pay your builder\n## How to make repayments on your Construction Loan\n## Be prepared: Know the documents you’ll need at each stage\n## Frequently asked questions","[{\"question\":\"How are Construction Loans different from traditional Home Loans?\",\"answer\":\"Construction Loans allow progressive drawdowns to pay a builder at key stages. Interest is charged only on the drawn amount during construction, not the full loan.\"},{\"question\":\"When do I need to draw down and finish my build?\",\"answer\":\"Your first drawdown request must be made within 6 months of receiving your signed Letter of Offer. You must complete the build within 24 months from the date of the first drawdown.\"},{\"question\":\"What repayments are required during construction?\",\"answer\":\"Borrowers make interest-only repayments during construction, without repaying the principal until after construction finishes.\"}]","Construction Loans - Top 10 Things to Know | PDF",1789201146]