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Looking to build your dream home?
Building a new home is one of the most exciting journeys you will undertake, but it can also be one of the most stressful. At MOVE, we aim to simplify the finance process, so you can focus on what matters most - enjoying your new home.
If you are building for the first time and are unsure about the steps involved or simply have questions about the finance process, check out our FAQs or get in touch with one of our lending specialists.
Check out our home loans for new builds
To be eligible for this rate, a credit of $1500 a month must be deposited into a MOVE Bank transaction account. A low rate variable loan designed to offer excellent features.
- Borrow up to 95% (with LMI)
- No ongoing monthly or annual fees
- To be eligible for this rate, a credit of $1500 a month must be deposited into a MOVE Bank transaction account.
- Owner Occupied <80% LVR 5.99%p.a. Interest rate
-
6.04%p.a.Comparison rate
To be eligible for this rate, a credit of $1500 a month must be deposited into a MOVE Bank transaction account. A fixed rate loan designed to offer excellent features.
- 1, 2, 3 & 5 year fixed options
- Borrow up to 95% (with LMI)
- To be eligible for this rate, a credit of $1500 a month must be deposited into a MOVE Bank transaction account.
- Owner Occupied 1 Year Fixed 5.89%p.a. Interest rate
-
6.03%p.a.Comparison rate
A variable loan with 100% offset and no ongoing fees.
- Borrow up to 95% (with LMI)
- 100% offset account
- No ongoing monthly or annual fees
- Owner Occupied <80% LVR 6.19%p.a. Interest rate
-
6.24%p.a.Comparison rate
A fixed rate loan with a 100% offset account.
- 1, 2, 3 & 5 year fixed options
- 100% Offset account
- Owner Occupied 1 Year Fixed 6.09%p.a. Interest rate
-
6.23%p.a.Comparison rate
Product Features:
Home Loans |
|
|---|---|
| Minimum Loan Amount : | $100,000 |
| Maximum Loan Amount : | $3,000,000 |
| Maximum Loan to Valuation Ratio (LVR) : | 80% for Principal & Interest or 80% for Interest Only |
| Maximum LVR with LMI : | 95% for Owner-Occupier or 90% for Investment |
| Maximum Loan Term : | 30 years |
| Interest Type : | Variable |
| Repayment Type : | Principal & Interest or Interest Only |
| Interest Only Available : | Yes, Interest Only available for Owner-Occupier construction loans (max 12 months) or Investment loans (max 5 years) |
| Repayment Frequency : | Weekly, Fortnightly or Monthly |
| Offset Account : | No |
| Additional Repayments Accepted : | Yes |
| Redraw Facility : | Yes |
| Establishment Fee : | $600 |
| Annual Package Fee : | $0 |
| Discharge Fee : | $350 |
| Available for Bridging : | No |
| Split Fee : | $50 |
| Available for Construction : | Yes |
Product Features:
Home Loans |
|
|---|---|
| Minimum Loan Amount : | $100,000 |
| Maximum Loan Amount : | $3,000,000 |
| Maximum Loan to Valuation Ratio (LVR) : | 80% for P&I loans or 80% for IO loans |
| Maximum LVR with LMI : | 95% for Owner-Occupied Loans and 90% for Investment |
| Maximum Loan Term : | 30 years |
| Interest Type : | Fixed - 1, 2, 3 and 5 years |
| Repayment Type : | Principal and Interest. Interest Only available for investment loans |
| Interest Only Available : | Yes, Interest Only available for investment loans only |
| Repayment Frequency : | Monthly |
| Offset Account : | No |
| Additional Repayments Accepted : | Yes |
| Redraw Facility : | Yes |
| Establishment Fee : | $600 |
| Annual Package Fee : | $0 |
| Rate Lock Option : | Yes |
| Discharge Fee : | $350 |
| Available for Bridging : | No |
| Split Fee : | $50 |
| Available for Construction : | Yes |
Product Features:
Home Loans |
|
|---|---|
| Minimum Loan Amount : | $100,000 |
| Maximum Loan Amount : | $3,000,000 |
| Maximum Loan to Valuation Ratio (LVR) : | 80% for Principal & Interest or 80% for Interest Only |
| Maximum LVR with LMI : | 95% for Owner-Occupier or 90% for Investment |
| Maximum Loan Term : | 30 |
| Interest Type : | Variable |
| Repayment Type : | Principal & Interest or Interest Only |
| Interest Only Available : | Yes, Interest Only available for Owner-Occupier construction loans (max 12 months) or Investment loans (max 5 years) |
| Repayment Frequency : | Weekly, Fortnightly or Monthly |
| Offset Account : | Yes |
| Additional Repayments Accepted : | Yes |
| Redraw Facility : | Yes |
| Establishment Fee : | $600 |
| Discharge Fee : | $350 |
| Available for Bridging : | No |
| Split Fee : | $50 |
| Available for Construction : | Yes |
Product Features:
Home Loans |
|
|---|---|
| Minimum Loan Amount : | $100,000 |
| Maximum Loan Amount : | $3,000,000 |
| Maximum Loan to Valuation Ratio (LVR) : | 80% for P&I loans or 80% for IO loans |
| Maximum LVR with LMI : | 95% for Owner-Occupied Loans and 90% for Investment |
| Maximum Loan Term : | 30 years |
| Interest Type : | Fixed - 1, 2, 3 and 5 years |
| Repayment Type : | Principal and Interest. Interest Only available for investment loans |
| Interest Only Available : | Yes, Interest Only available for investment loans only |
| Repayment Frequency : | Monthly |
| Offset Account : | Yes |
| Additional Repayments Accepted : | Yes |
| Redraw Facility : | Yes |
| Establishment Fee : | $600 |
| Rate Lock Option : | Yes |
| Discharge Fee : | $350 |
| Available for Bridging : | No |
| Split Fee : | $50 |
| Available for Construction : | No |
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Ready to make the move?
We look forward to helping you through each step of your loan journey
Speak with our friendly lending specialists
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Submit your application online
(takes 10-15mins)
A construction loan is a type of loan that is used to pay for the cost of building a new home.
What makes it different from a standard home loan is the payment scheme. Construction loans allow you to draw down the loan in stages as the construction progresses.
These progress payments are paid directly to the builder after each stage of construction. The usual stages of construction are:
-
Finance approved
-
Slab
-
Frame
-
Lock-up
-
Fit out
-
Completion
This helps you monitor the build and ensures that you’re only paying for work that’s been completed.
As construction loans are progressively drawn down, you only pay interest on the money that you use. For example, if $150,000 has been drawn down on a $300,000 loan at the frame stage, you’d only be charged interest on $150,000.
The complexities of building a new home can be overwhelming. To simplify the process, here’s an overview of the most common stages of the construction loan journey.
Stage 1: Finance approved
- Our Lending Specialists will help you determine your borrowing capacity and assist you with getting pre-approval for your loan
- You’ll need to supply documents as part of this process, such as building plans and permits, a copy of your fixed-price building contract and builders’ insurance
- If you’re eligible for any government grants, you should apply for these now
- An initial valuation is completed to determine the value of your property
Stage 2: Slab
- Construction begins and foundations are poured
- This is when the first progress payment is made and will be drawn from your initial deposit
TIP: It may be tempting to change your mind on your house plans or materials during construction but remember that any changes you make can affect the overall cost of your build and should be approved by us.
Stage 3: Frame
- The exterior frame and walls are under construction
- This is usually when the second progress payment is made and will be paid on invoice
Stage 4: Lock-up
- The windows, doors, external walls and roof are installed to allow you to lockup your house
- A progress valuation is completed to confirm construction is progressing as expected
- This is usually when the third progress payment is made
Stage 5: Fit out
- Internal fixtures such as power points, lights, flooring and other fittings are installed
- This is usually when the fourth progress payment is made
Stage 6: Completion
- Congratulations – you’re ready to move in!
- A final valuation is completed, and a financial inspection and insurance certificate is provided before the final payment is made
Footnotes:
- 1 Comparison rate is based on a secured loan of $150,000 for a term of 25 years. WARNING: This comparison rate is true only for the examples 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 charges apply. Rates quoted are correct as stated and are subject to change without further notice. All rates quoted are per annum. All applications are subject to MOVE’s standard credit assessment and eligibility criteria.
- 2 Reverts to Owner Occupied or Investment Everyday Home Loan Variable <80% Rate. Minimum loan amount $100,000.
- 3 Reverts to Owner Occupied or Investment Offset Home Loan Variable <80% Rate. Minimum loan amount $100,000.
- 4 Alternate interest rate and LVR conditions apply to Interest Only loans. LMI may be required for loans over 80% LVR. Details are available upon application.
- 5 Establishment fee includes one standard valuation up to $205.
- 6 The split fee is charged for each split on the application.
- 7 Additional repayments can be made up to a limit of $10,000 per fixed rate term
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Railways Credit Union Limited trading as MOVE Bank | ABN 91 087 651 090 | AFSL/Australian credit licence 234 536 | BSB 724 100 | Swift code WPACAU2S