AMP Bank Construction Loan

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Take the first step towards building your own home with the AMP Construction Loan and enjoy a competitive variable rate and flexible repayment options.

The AMP Bank Construction Loan is designed for builders, renovators or land owners looking for financing to undertake home construction.

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Expert review

Marc Terrano

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Marc Terrano is a lead publisher and growth marketer at Finder. He has previously worked at Finder as a publisher for frequent flyer points and home loans, and as a writer, podcast host and content marketer. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help everyone get value for money.

Expert review

This loan is designed to finance new constructions on land you own or to help you buy land for building. This loan allows you to make progress payments at different stages of the building process, which can help you save interest, as you’re only charged interest on the amounts you’ve withdrawn.

You can also apply for this loan as a low doc loan or in the name of a company or a trust.

About this loan

What are the features and benefits of the AMP Bank Construction Loan?

  • Loan amount. You can borrow between $40,000 and $850,000 at 80% LVR with this loan.
  • Loan purpose. This loan can only be used for the purpose of purchasing land to build on straight away, build on previously purchased land, renovate your current home or consolidate your debts whilst you plan your build.
  • Additional repayments. You can make additional repayments on your loan at any time and you won't attract any penalty. If you make additional repayments you can request to redraw them for no extra charge. This is a handy feature that can give you access to your funds quickly while still taking advantage of the low-interest repayments while you had the money in the loan account.
  • Access to funds. You can draw on the loan amount in instalments as you progress with the construction of your home.
  • Loan term. The AMP Bank Construction Loan covers construction for a maximum period of 12 months, helping you achieve your dream of building your own home. If you plan to build over a longer period than 12 months the AMP Bank Land Loan may be a better option to consider.
  • Interest-only options. You can make interest-only payments for up to two years with this loan, meaning you can maximise your cash flow during the expensive building phase.

What fees and charges come with this loan?

  • Establishment fee: $0. This fee is non-refundable and goes towards setting up your AMP Bank Construction Loan.
  • Settlement fee: $349. This fee is to cover the processing and administration costs as the loan is settled.
  • Progress payment fee: This fee is charged for every progress payment made on your Construction Loan.
  • Monthly fee: $20. This fee is charged for the ongoing maintenance of your loan and any affiliated accounts.
  • Valuation fee: Free under $900. You only pay a valuation fee if the cost of valuing the property exceeds $900.
  • Other fees and charges apply.


How to apply

If you would like to apply for this home loan, please fill in the enquiry form on the right hand side of this page. By entering some of your details, a home loan specialist will get in touch with you to discuss your home loan needs and eligibility.

Please note that this does not appear on your credit file, and you can use this opportunity to find out more about this loan if you would like to apply.

What are the eligibility requirements if I do want to apply?

There are some eligibility requirements for this loan:

  • You must be an Australian citizen or have permanent residency in Australia
  • You must be at least 18 years of age

What documents would I be expected to provide?

Please note that the following documents and information will also be required with your loan application:

  • Your full name, current address and contact information
  • Your employer's address and contact details

With the AMP Bank Construction Loan, you can now make the dream of building a new home or renovating your existing one a reality. Compare similar loan products on our site and apply for one that suits you today.

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