Drawing down a mortgage loan in stages

Drawing down a mortgage loan in stages

Our Touch and Mobile apps let you easily draw down part of your home loan to pay invoices.

For tax and legal reasons, each invoice submitted for drawing down your loan has to meet a number of conditions:

  • The invoice must be made out in the name of – one of – the borrowers (order forms or quotes, for example, are not accepted).
  • The descriptions on the invoice must correspond with the purpose of the loan you've taken out.
    For example: 'building' or 'renovation' covers structural work to 'a property'. If the invoice is for work that has been carried out around the property, such as garden landscaping or installing an outdoor swimming pool, it does not qualify for payment under 'building' or 'renovation'. The purpose of the loan in these examples must be 'landscaping a garden' and/or 'installing a swimming pool'.
  • The invoice may not be paid upfront out of your own pocket.
  • If a building permit is required for the works, you will have to provide us with a copy. We do not disburse any of the loan until we are in possession of such a permit.

Below are some examples of invoices that are not accepted for payment under your home loan. Please note that this list is not exhaustive.

  • Renting or buying reusable equipment (like a skip, cement mixer or building dryer).
  • Costs for demolition work, infrastructure work (e.g., related to land division) and preparing a plot of land for building (e.g., felling trees or clearing shrubs) under a building or renovation loan secured by a mortgage and with a term of more than 10 years.
  • Invoices for lighting, blinds/curtains and blackout curtains inside the property.
  • All kinds of fines (such as the cost of soil decontamination).
  • All kinds of charges (including the cost of an EPB, EPC or stability study, interior architect's fees and lighting engineer's fees) under a building or renovation loan secured by a mortgage and with a term of more than 10 years.

How does it work?

  1. Open our Mobile app and select Your home loan > Manage or open our Touch app and select Home followed by your home loan
  2. Tap or click New drawdown
  3. Enter the amount you need (up to the full amount of the invoice)
  4. Add your invoice
  5. Opt to have your invoice paid after the relevant amount has been approved
  6. Sign your application digitally
  7. We’ll check your application by the next banking day. Once approved, we’ll transfer the relevant amount to you.
  8. The invoice amount will be paid to the account for repaying your home loan
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