Best bank for resi construction loan? ANZ or Homeside?

Discussion in 'Property Finance' started by theperthurbanist, 16th Aug, 2012.

  1. Mick C

    Mick C Mortgage Broker

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    26th Jan, 2011
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    2,048
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    Sydney, NSW
    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
     
  2. theperthurbanist

    theperthurbanist Member

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    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'.
     
  3. Rolf Latham

    Rolf Latham Member

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    Confused = Sydney, Brisbane and Gold Coast
    Niche policy helps as well, the latest year financials voodoo with ANZ can make a no deal a palatable one

    ta
    rolf
     
  4. Shahin_Afarin

    Shahin_Afarin Finance Broker

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    6th Feb, 2012
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    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.