Best bank for resi construction loan? ANZ or Homeside?

[Mick C]

Hi Perth,

We are going to build a duplex in Sydney soon and need a construction loan. Just wondering if if you were with Homeside and would like to know if their service is good? Thank you.

If it's for a duplex then i always suggest go for the lenders that will provide the highest LVR incase you need to leverage a bit more borrowing- there's probably around 4-5 banks that will consider up to 90-95% for duplex build- Homeside is one of them,.

ANZ will only go to 70% LVR ...

Of course choosing the right lVR is just one piece of he puzzle; the rest will come down to;

- Rate
- fees
- LMI cost( if applicable)
- Valuation
- Serviceability
- ease of lender
- Chance of approval
- speed

 

[theperthurbanist]

Hi Perth,

We are going to build a duplex in Sydney soon and need a construction loan. Just wondering if if you were with Homeside and would like to know if their service is good? Thank you.

Shockingly, I am only at the stage of finalising building quotes now so will be looking to appoint a lender shortly. When i last looked into it four months ago though HSL was looking top of the pile. I'll keep you posted.

I can say though that HSL has been fine on the loan over the existing dwelling, but then it's easy to be a good lender when everything is 'going fine'.

 

[Rolf Latham]

Of course choosing the right lVR is just one piece of he puzzle; the rest will come down to;

- Rate
- fees
- LMI cost( if applicable)
- Valuation
- Serviceability
- ease of lender
- Chance of approval
- speed

Niche policy helps as well, the latest year financials voodoo with ANZ can make a no deal a palatable one

ta
rolf

 

[Shahin_Afarin]

I usually deal with the lenders directly even for progress draws and for me Homeside has the best construction drawdown process. They assign you with a case manager which is great for tricky and complex constructions, they are quick and you have full visibility. Turnaround times are also fantastic. This is much better than other banks that seriously lack in one or more departments.