Finty
BOQ Specialist

BOQ Specialist Construction Loan

Term loan

A construction loan is a facility with the flexibility to make progress payments to your builder throughout the construction period as each building stage is completed.

Written byDavid Boyd
Interest rate a year, from
10.95%
Establishment fee
Not published
Monthly fee
$20
Borrow
Not published

Monthly repayment

$100,000 over 5 years

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What it would cost

At the lowest published rate of 10.95%, including the monthly fee. The rate you are offered depends on your business, and the establishment fee is not included.

Monthly repayment
$2,192
Total repayments
$131,505
Interest and monthly fees
$31,505

Loan details

Rates

Interest rate (a year)
10.95%
Rate type
Variable
Security
Not published
Type of finance
Term loan

Limits and fees

Loan amount
Not published
Loan term
Not published
Establishment fee
Not published
Monthly fee
$20

How it compares

Against the other business loans we compare. Typical means the middle half of them.

Cost of $20,000 over 5 years

$7,261

Interest and fees at its starting rate. Typical is $4,473.

Monthly fee

$20

A typical monthly fee is $25.

Pros and cons

Pros

  • One rate for everyone. Everyone approved gets 10.95%, so the rate you see is the rate you get.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • A $20 monthly fee. That adds $1,200 over 5 years, as well as the interest.
  • A variable rate. Your repayments can rise if the lender lifts its rate, though they can also fall.

Similar loans

Business loans of the same kind from other lenders that start at a similar interest rate.