With Building Plus, you need to take out only one loan – with only one interest rate – for both the construction of your home and the subsequent mortgage.
Your building loan will convert into a mortgage loan once the construction of your home is complete. But the date for the switch doesn't have to be specified when you contract the loan.
The amount of your loan will grow as your home is being built, to cover the cost of the ongoing work. We will draw on your loan to pay the building expenses against invoices signed by you and the contractors doing the work (architect, builder, plumber, electrician, etc.). You will be charged interest only on the amount of money actually used to pay those expenses.
Once your home has been built, the building loan will automatically convert into a mortgage loan with the same interest rate.
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The ideal mortgage financing package often consists of a custom-tailored combination of fixed-rate and variable-rate loans with different terms. We will work closely with you to determine the solution that best meets your needs.
Owning your home is more than just an investment: it is a major decision that should be carefully considered.
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It's easy to get a handle on your budget with our fixed-rate mortgage loan: your monthly payments will remain the same throughout the term of the loan, even if interest rates go up.
The short term mortgage loan closely follows financial market conditions during your chosen term.
