Construction Loan

Build, renovate or develop
with a great rate loan
Request a call back

6.55% pa   /   5.99% comparison rate2

Owner Occupied variable rate loan1 $100,000+, LVR < 90% + LMI, & P&I repayments. Other rates apply for Investment property loans.

Are you dreaming of building a new home, or do you want to renovate your current home?

Your dream could become a reality with our Construction Loan, designed to cover the construction period for 12 months, while you drawdown the loan using only the funds you need, when you need them (to reflect building phases).

With an AMP Construction Loan you can build on land you already own or use it to buy a new block of land to build on within 12 months. Your loan amount will be based on the combination of land purchase and building cost. Once construction is complete, you can then choose from the range of AMP bank home loans and roll-over your Construction Loan balance into your new home loan.

The Construction Loan offers:

✓ Flexibility for your dream home

Take up to 12 months to buy, build, extend or renovate.

✓ The benefit of great rates

The AMP Construction Loan offers a competitive variable rate for 12 months.

✓ Access to funds when needed

Drawdown on your funds as you need them.

✓ Interest only payment options

Make interest only repayments with the freedom to make extra if you choose.

✓ Only pay for what you use

With interest for your Construction Loan only calculated only on what you’ve drawn.

✓ Borrow up to 90% of it's value

Available on loans if you are going to live in the property.

Your product features

Effective 8 March 2019

Loan type Prinicpal and Interest   Interest OnlyMax LVR
      (Max LVR 80% incl LMI)
 

Interest rate(i)

Comparison rate(ii)

Interest rate(i)

Comparison rate(ii)

Construction Loan

Not applicable

Not applicable

6.55% pa

5.99% pa

Reference Rate(iii) Standard Reference Rate Standard Reference Rate
Interest Only

An Establishment fee of $350 and a Settlement fee of $250 applies. A fee of $100 is applied at the time of each progress payment. An ongoing fee of $10 each month applies to this loan. Other fees and charges apply. Full details are available in our Home loan fees and charges guide.

(i) Rates are subject to change.
(ii) The comparison rate is calculated for a secured loan on a loan amount of $150,000 over a 25-year term. 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. Comparison rates for construction loans are based on an initial 1 year interest only period with interest payable at the construction rate and a subsequent 24 year principal and interest period with interest payable at the Classic variable rate.
(iii) View a full list of Reference Rates and their values.

Effective 8 March 2019

Loan type Prinicpal and Interest Interest Only
      (Max LVR 80% incl LMI)
 

Interest rate(i)

Comparison rate(ii)

Interest rate(i)

Comparison rate(ii)

Construction Loan

Not applicable

Not applicable

7.24% pa

7.01% pa

Reference Rate(iii) Standard Reference Rate
Investment
Standard Reference Rate
Interest Only Investment

An Establishment fee of $350 and a Settlement fee of $250 applies. A fee of $100 is applied at the time of each progress payment. An ongoing fee of $10 each month applies to this loan. Other fees and charges apply. Full details are available in our Home loan fees and charges guide.

(i) Rates are subject to change.
(ii) The comparison rate is calculated for a secured loan on a loan amount of $150,000 over a 25-year term. 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. Comparison rates for construction loans are based on an initial 1 year interest only period with interest payable at the construction rate and a subsequent 24 year principal and interest period with interest payable at the Classic variable rate.
(iii) View a full list of Reference Rates and their values.

Ready to take the next step?

Request a call back

Find out more

Access our calculators

Get purchase ready

View our home loan products

We're here to help

Call us on

1300 534 325

Monday to Friday, 9am - 5pm (AEDT)

or request a call back

Compare our savings accounts

Choosing the right home loan

Learn more

Would you like us to contact you?

Want to be debt free?

Find out more

Important information

Show more

The product issuer and credit provider is AMP Bank Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517.

It’s important to consider your circumstances and read the relevant Terms and Conditions before deciding what’s right for you. This information hasn’t taken your circumstances into account.

Information including interest rates is correct and is subject to change without notice. Approval is subject to AMP Bank guidelines. Terms and conditions apply. Fees and charges are payable. 

All information on this website is subject to change without notice.

1 Rate is for new loans only and subject to change.

2 The comparison rate is calculated for a secured loan on a loan amount of $150,000 over a 25-year term. 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. Comparison rates for construction loans are based on an initial 1 year interest only period with interest payable at the construction rate and a subsequent 24 year principal and interest period with interest payable at the Classic variable rate.