If you are building a new home or doing a major structural renovation, you may need a construction loan. With this type of loan you withdraw funds in stages, as you receive bills from your builder. The advantage of a construction loan is that you usually only pay interest on the funds used.
Most lenders offer their construction loans at a variable interest rate with interest only repayments during the construction phase. Once the construction is finished, the loan will revert to principal and interest repayments.
Approval for a construction loan often requires plans, permits and a fixed-price building contract.
Building is stressful in itself, let us help with the financing. We will assist you from application and right through until the end of the build, liaising with the bank on your behalf. We look after everything, so you don’t need to worry.