You are able to apply for a Construction Loan with AMP Bank - this article shows you how to enter the correct details in Loanapp
Ensure you select Construction in the Setup Page
When you launch Loanapp, the first page you land on is the Setup Page. For a construction loan, ensure you have selected Construction in the Primary Lending Purpose dropdown. This will also automatically toggle Construction to YES:
Complete Applicants and Financial Position page.
When you get to the Loan and Security page, when you have entered your security property, you will then be able to ensure Construction = YES
Click on the three dots on the field named Construction details:
A new modal will popup for you to add your Construction details. If you are not sure of the exact amounts, add your best estimates and AMP Bank will finalise as they assess the deal:
The Builder Type must be a Licensed Builder - and you will need to add the details of the Builder.
When you add the Builder, it's best to use the search function as this will validate and populate the detail into your record:
Product features must be for 1 year, Interest Only
The Construction product is found where you have:
Variable Interest Type (you cannot have fixed rates for construction)
Interest Only repayments, for 1 year term
When you select a Construction loan, you will note that you then have the Initial Period (12 months IO); and then the subsequent period (the remaining years, P&I):
Supporting documents checklist will include Construction documents
When you have selected Construction = YES - this will trigger some additional mandatory documents to be provided as supporting documents, which will need to have been uploaded in order to submit the deal:
Progress Payments
Progress payment details are not required to be added in your Loanapp submission.