Looking to build your dream home? Let SCMC help with our competitive construction home loan.
Because we care about protecting your interest for the longer term, our construction loan is designed to keep your rate low well into the future.
Interest Rate: 6.63% p.a. Comparison Rate: 6.72% p.a.*
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USEFUL FEATURES
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| Owner occupied & investment | Yes |
| P&I or Interest-only | Yes |
| Max LVR | 90% |
| Max Term | 30 years |
| Min loan size | $100,000 |
| Max loan size | $1 million (see terms and conditions) |
| First home buyers | Yes |
| Lenders’ Mortgage Insurance | Payable if LVR is >80% |
| Capitalise mortgage insurance? | Yes up to 90% LVR |
| Payment frequency | M,F or W |
| Split Loans | Up to 4 splits free |
| Free redraw | Unlimited |
| Free salary crediting | Yes |
| Free 100% interest offsetting | Yes (all-in-one account) |
| Free online loan account | Unlimited access |
| Free phone loan account | Unlimited access |
| ATM/EFTPOS/Bpay | Yes |
| Top Ups | Yes |
| Fixed rates | Yes |
| Interest rate loading during land / construction phase |
Yes: 0.25% loading |
| Pre-approval | Yes |
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FEES
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| Application fee |
Nil |
| Monthly ongoing fee |
Nil |
| Annual fee | Nil |
| Legal (deducted from loan)** | $440 |
| Valuation fee |
$275 plus $110 per drawdown |
| Settlement (deducted from loan) | Nil |
| Offset management fee |
Nil |
| Pre-approval fee |
Nil |
| Discharge fee | $350 |
| Cancellation of settlement fee^ | $390 |
*This comparison rate is based on a loan amount of $150,000 over 25 years with fees and charges payable. WARNING: This comparison rate applies only to the example given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
**This is an estimate of average legal fees. The figure may vary depending on the loan structure.
^This fee is payable in the event that settlement is cancelled by anyone other than SCMC.
| COMPARISON RATES |
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| Loan Amount |
Term | Comparison Rate |
Annual Percentage Rate |
| $30,000.00 | 5 Years | 6.63%p.a for 5 years then 6.63% | |
| $50,000.00 | 7 Years |
6.63%p.a for 5 years then 6.63% | |
| $70,000.00 | 25 Years |
6.81%
|
6.63%p.a for 5 years then 6.63% |
| $100,000.00 | 25 Years |
6.76%
|
6.63%p.a for 5 years then 6.63% |
| $130,000.00 | 25 Years |
6.73%
|
6.63%p.a for 5 years then 6.63% |
| $150,000.00 | 25 Years |
6.72%
|
6.63%p.a for 5 years then 6.63% |
| $200,000.00 | 25 Years |
6.69%
|
6.63%p.a for 5 years then 6.63% |
| $225,000.00 | 25 Years |
6.69%
|
6.63%p.a for 5 years then 6.63% |
| $250,000.00 | 25 Years |
6.68%
|
6.63%p.a for 5 years then 6.63% |
| $275,000.00 | 30 Years |
6.67%
|
6.63%p.a for 5 years then 6.63% |
| $300,000.00 | 30 Years |
6.67%
|
6.63%p.a for 5 years then 6.63% |
Interest Rate Loading during Land / Construction Period
During the land / construction phase, the interest rate is loaded by 0.25%. As soon as the occupation certificate is provided, the interest rate loading is removed, giving you a competitive interest rate over the longer term without on-going fees.
Deferred administration fees (exit fees)
There are no Early Exit Fees or penalties if a loan is completely paid off but not discharged within the first five years. Fees may be payable in the event that a loan is fully discharged within the first five years such as in the event of a sale or refinancing.
All SCMC loans are fully portable which means you can transfer the loan to a new or different property for a nominal fee of around $750 and not incur any early exit penalties. Conditions apply.
In the event that an early exit fee is payable, the fee will be 1% notional repayment in the first 5 years. This fee may be waived, reduced or refunded depending on the borrower's circumstances.
