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Run the numbers.

1 facility, draw by draw.

Slide the contract price, your equity, the build time and the term, and watch your facility take shape as you go.

The builder's contract price, in Australian dollars.

20%, $105,000

20% of the contract price or more, paid before the first draw.

3 months

Up to 6 months, from the first draw to handover.

10 years

Up to 10 years, principal and interest by monthly direct debit.

12.00% a year

Indicative, for this estimate only. Your rate is variable, the 1 month bank bill swap rate plus a margin, and is set in your letter of offer.

Your facility

$420,000

Of a $525,000 contract price.

Interest during the build

$6,552

Capitalised, $0 to pay until handover

Balance at handover

$426,552

Facility plus capitalised interest

Monthly from handover

$6,120

Principal and interest over 10 years

Security needed

$600,000

The home, the company's land if it owns it, and a director's property equity, to keep the loan to value ratio at 70% or less

The 5 draws

  1. 1 Order$42,000
  2. 2 Frame$126,000
  3. 3 Fit-out$126,000
  4. 4 Delivery$84,000
  5. 5 Handover$42,000

10%, 30%, 30%, 20% and 10% of the facility, each paid direct to your builder once an independent quantity surveyor certifies the stage.

Proposed terms. This estimate is a guide, subject to credit assessment. It spreads the 5 draws evenly across the build time, the first at the start and the last at handover, and leaves out the establishment fee and the monthly account fee. Your rate, fees and draw schedule are set in your letter of offer.

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