Decided to build your dream home, an investment property or tackling a renovation project? With our range of construction home and investment loan options you can withdraw your funds gradually over a period of 12 months while you build so you only pay interest on the portion of the loan you have drawn; keeping your money in your pocket for longer.

Choose from a range of home and investment loan options: variable package, one year or two year fixed package, standard variable or basic variable loans.
  • Flexible repayment options after construction is complete - pay weekly, fortnightly or monthly
  • 12 month interest only repayment option during the construction period - reduce your loan repayments by paying only the interest due each month to give you extra cash when you need it
  • Split-loan option: get the benefits of a part fixed and part variable interest rate loan
  • Family guarantee for first home buyers

Rates and fees

The interest rate and any applicable fees depend on the type of construction loan you choose.

Progress Draw Fee $400 is applicable on all construction loans.

Ready to apply?

We've got a range of home loans to choose from.

Most popular questions...

  • Can I redraw on my construction loan during the construction period?

    No, you cannot redraw during the construction period. If you choose a variable rate loan you will have a redraw facility available at the end of your construction period.
  • What is Responsible Lending?

    At People's Choice Credit Union we understand that credit is a very important facility which allows you to achieve your personal, financial or lifestyle goals faster than you could if you had to rely on your savings alone.

    As a mutually owned financial institution we embrace our responsibility to understand your personal situation when we make recommendations regarding providing, extending or arranging credit for you. This is to ensure you are reasonably likely to meet the obligations you have in respect of repaying the debt and avoid experiencing financial stress.

    But we recognise that situations may change from time to time which may inhibit your ability to meet your credit repayment obligations. We understand the pressures that you and your family may experience during these difficult times and we work with you to find a mutually acceptable solution to aid in your overall debt management strategies and to continue to work with you to achieve your financial goals.
  • Will I pay interest on the full amount?

    Your loan will be disbursed as the funds are required, so you'll only pay interest on the portion of the construction loan you have drawn down.
  • What type of loan can I select for my construction loan?

    You can choose from a range options including:

     - Home Loan Package
     - Standard Variable
     - Basic Variable
     - Fixed

    The construction period of your loan will be interest only. You have the option of selecting whether you will have a further interest only period at the end of your construction period, or if the loan reverts to principal and interest repayments.

  • How long do I have to construct my new Home?

    The construction period for your loan is up to 12 months from the date of settlement.

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Get in touch with us and we can help you get the answers you need.