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Hello Erin, They take a charge over the term deposit and it has to be held with that bank and cant be cashed in while is used as security of course. Not all banks offer this.

Yes you can use a TD as security. Not a bad idea as beats a construction loan any day. Maybe once the GF is completed you could get the entire property re-valued and try to recycle the debt back onto the property itself and go for a Standard variable type loan if the 0.15% is major annoyance.