How do I submit a Construction Loan for my customer?

Here are our tips for submitting Construction Loans:  

  • If your customer is seeking funds to purchase or refinance a block of vacant land (or property) along with funds to cover the costs of construction, they’ll be able to complete this under one home loan facility.  
  • To nominate a construction account, the ABS purpose of the account must be one of the following codes:  
    • ABS-121: Constructing house by first mortgage 
    • ABS-123: Constructing other dwelling by first mortgage 
    • ABS-327: Finance for alterations and additions 
  • The construction account must be set to interest only repayments for a minimum of 2 years 
  • There needs to be at least one security with a status of ‘to be built’  
  • The total purchase or refinance amount will be disbursed upfront to your customer at settlement, and the remaining funds for construction will be progressively drawn down. 

Can my customer have non-construction loan accounts in the home loan facility?

Yes, you can add additional loan accounts, which aren’t for construction purposes. These accounts can have their own loan purpose, rate type and repayment type. For these loan accounts, ensure you select an appropriate non-construction ABS code.

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Unless stated otherwise, this information is provided by Macquarie Bank Limited AFSL and Australian Credit Licence 237502 (MBL) and does not take into account your objectives, financial situation or needs. You should consider whether it is appropriate for you. Finance is subject to our credit approval criteria. Terms and conditions apply and may change without notice.

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