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Pacific Mortgage Group Construction Home Loan
The Construction Home Loan from Pacific Mortgage Group (PMG) offers competitive interest rates, redraw options and flexible repayments to suit a wide variety of borrowers.
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Review by
Richard Whitten
richard.whitten@finder.comRichard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206) and a Tier 1 Generic Knowledge certification (RG 146).
Expert review
The Construction Loan from PMG is tailored to suit borrowers looking to purchase an investment property or for those looking to purchase or refinance a home. It’s also suitable for those looking to consolidate their debts. PMG offers highly competitive variable interest rates while offering a number of additional features like unlimited redraw transactions.
Another factor to consider when looking at this loan is the fees. PMG actually doesn’t charge an application fee, a settlement fee, a valuation fee or a monthly/annual fee. This is an attractive feature to most borrowers.
About this loan
What are the features and benefits of the PMG Construction Home Loan?
- Loan term. You can secure the PMG Construction Home Loan for as little as 1 years and as long as 30 years. The loan term is the amount of time you have to repay your PMG loan. Shorter home loans require a higher repayment amount but allow you to get out of debt faster, while longer loan terms equate to smaller repayment amounts but will have you holding the debt for a longer amount of time.
- Loan amounts. A Construction Home Loan from PMG allows you to borrow up to $5,000,000, and have a maximum LVR of 80%. LVRs of 80% are available but it should be noted that this is only available with a maximum loan amount of $750,000, or $500,000 if you're buying in a regional area.
- Repayment options. PMG offers flexible repayment options. You can choose to make repayments monthly, fortnightly or weekly. You can also choose between paying the principal and interest or the interest-only, while payments can be made through direct debit or by direct salary crediting.
- Unlimited redraw option. PMG's Construction Home Loan also comes with unlimited redraw transactions. There is no maximum limit on this and no additional cost to you. This feature is made available to you 24 hours after lodgement.
What fees and charges come with this loan?
- Monthly/annual fee. PMG doesn't tack on a monthly or annual fee to this loan. This is rare for a home loan as most lenders charge some kind of ongoing fee to cover expenses.
- Application fee. There is also no application fee that you need to pay during the application process. This means you can apply for the PMG Construction Home Loan free of charge.
- Settlement fee. There is a settlement fee attached to the PMG Construction Home Loan. A settlement fee is usually paid once the loan application is finalised.
- Valuation fee. There's no valuation fee at all unless you cancel the loan once PMG has already begun to process the loan. If you do cancel the loan during this period, the fee is $236.50.
- None. According to PMG, there are no unavoidable fees attached to this loan. However, this doesn't mean that there aren't penalties that can be tacked onto the loan for things like late repayments. To get a clearer picture of the fees or penalties that might be applied to your Construction Home Loan, please check the Product Disclosure Statement.
How to apply
You will need to meet the following criteria in order to qualify for the loan:
- You have to be 18 or older
- You must be an Australian resident with a valid Australian address
- You have to have a designated income and a good credit history
After you submit your enquiry and hear back from PMG you can start the actual application process. You'll need to supply the following information and documentation when applying:
- Personal information. You'll need to provide personal information including proof of identity. This can be a valid driver's licence, a valid passport or a valid Medicare card.
- Financial information. You'll need to provide proof of income from all income sources, usually in the form of payslips. You may also have to provide bank statements, a list of assets and liabilities, and proof of your expenses.
- Property information. This may include the contract of sale or the land rates notice and the certificate of title.
When you're looking to apply for any kind of home loan, including the PMG Construction Home Loan, you should first compare similar available offers. By comparing home loans based on their loan terms, amounts, interest rates and fees, you can make sure that whichever loan you pick is the best fit for your individual financial situation.
