AMB Bank Construction Loan
Variable rate
The Australian Military Bank Construction Loan is perfect for those wanting to build or renovate their homes. With interest only repayments to help you save during the construction period, our Construction Loan helps you to relax during this often stressful time. The Construction Home Loan is also available for DHOAS eligible applicants
- Interest rate a year, from
- 6.99%
- Comparison rate
- 7.02%
- Upfront fees
- $450
- Annual fee
- Not published
- Monthly fee
- Not published
Monthly repayment
$600,000 over 30 years
What it would cost
At the lowest rate of 6.99% (variable, live in, interest only). The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.
- Monthly repayment
- $3,495
- Total repayments
- $1,858,200
- Interest
- $1,258,200
Rates
Every rate AMB Bank publishes for this loan. LVR is the loan as a share of the property's value: 80% for a 20% deposit.
| Rate | Property | Repayments | LVR | Interest rate | Comparison rate |
|---|---|---|---|---|---|
| Variable | Live in | Interest only | Up to 98% | 6.99% | 7.02% |
Comparison rates are for an example loan of $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Fees and features
Fees
- Upfront fees
- $450
- Annual fee
- Not published
- Monthly fee
- Not published
Features
- Offset account
- No
- Redraw
- No
- Highest LVR
- 98%
- Loan amount
- From $50,000 up to $5,000,000
How it compares
Against the other home loans we compare, for a home you live in with a 20% deposit. Typical means the middle half of them.
Upfront fees
$450
Typical upfront fees are $600.
Smallest deposit
2%
Most loans need at least 10% of the price.
Pros and cons
Pros
- A smaller deposit. You can borrow with 2% down, so you may buy sooner. Under 20%, lenders mortgage insurance usually applies.
- Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
- No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.
- Interest only available. Some investors use it to keep repayments down for a few years, though the balance doesn't fall in that time.
Cons
- No offset account. Your savings can't reduce the interest unless you pay them into the loan.
- A $20 late payment fee. Setting up automatic repayments avoids it.