The Go MC Construction Loan is suitable for many borrowers including both owner occupied and investors.

 The difference between a construction loan and a standard home loan is that instead of a lump sum payment at agreement signoff, the loan is usually drawn down in stages. Payments (or draw downs) coincide with the initial purchase of the land followed by a number of key construction stages.

The Go MC Construction Loan provides for interest only repayments during the construction phase before reverting to principal and interest or Interest only loan at the same low variable rate.

This type of loan is ideal for building, as you only pay interest on the amount you draw down. For instance, if you have borrowed $250,000 for a house and land package, but have only drawn down $100,000 to pay for the land, you only pay interest on the $100,000 not the full amount.

So if you want to build a new property or renovate an existing one, a Go MC construction loan is one of the best ways to finance it.

Gather the information you'll need to apply for the loan

• A fixed price contract from a licensed builder for the construction
• Council approved plans and specifications of the proposed residence
• A copy of builders insurance which must be current during construction
• Proof of ownership or purchase contract for the land

From here Go MC will do the work for you...

• We'll allocate a specialist valuer to your project
• The value of your completed project will be estimated
• The valuer will check the progress during construction - to make sure the work has been completed as stated and to approve the builders progress claims
• Once completed, the valuer will confirm a final valuation of your property

Paying your Builder

• This is done by providing us with a copy of your builders invoice along with a request for funds at agreed intervals. Often this is:
1. At the concrete or timber flooring stage
2. When your framework is done
3. Once you can lock up your property
4. On completion of your project
• The valuer will be asked to confirm the works stated
• Go MC will approve the claim and pay the amount direct to your builder

Request more information

If you require more information, please fill in the form and one of our friendly team will contact you as soon as possible.