Land and home construction loan

To enable you to buy a block of land and begin building your home with the Group Self Build program, you’ll need a short term land and construction loan.

If you are eligible, we will offer you this loan, which may cover the cost of purchasing land, your land conveyance costs, loan establishment costs and the estimated amount required to build your home.

When your home is completed, you’ll be required to obtain a long term home loan from a lender like a bank, building society or credit union to repay our short term loan.

Loan term

Our short term loan is available for a maximum period of 16 months.

Before the end of this term, you must obtain a long term home loan from a private sector lender to pay us back.

Loan repayments

You won’t need to make any loan repayments until either:

• you occupy your home or
• a Certificate of Occupancy is issued for your home or
• you’ve had the loan for 14 months.

After 14 months, you will have to pay us monthly interest charged on your loan balance.

You are required to pay back our loan within 120 days of the first anniversary of the day you settled on your block of land.

There are some fees and charges to pay.  You can find out what these are by contacting us on 1800 134 872 (free call).