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@mollym029 The rent will already have been factored into the banks serviceability calculations. Perhaps due to other reasons the bank was unable to offer IO on the construction loan, but could approve both P&I, and this was miscommunicated between OP/broker/bank.

@billyjames Caveat: I don't really know wtf I'm doing as my wife and I are also first-time buyers/builders. We also purchased the land separately and are currently in construction phase. As per your brokers advice, and my understanding/experience, you should have two separate loans: one P&I...