Hello everyone,
Ive seen a broker for a building loan. I like ING Mortgage Simplifier currently at 7.12% p.a. however ive been advised to go on the Construction Loan currently at 7.83% p.a. untill the building has been completed then move over to Morgage Simplifier.
I know customers can get a rate of 7.12% on a loan as low as $50 000, so why cant I for example get a loan at $200 000 for land and increase it when required for the building costs at this rate rather than at 7.83%?
Thankyou