Constructing a brand new home?
Unlike regular loans, construction loans are paid out in periodic instalments or (Progress payments) as the construction of your home meets various stages. Typically there are five progress payments from the pouring of the slab, framing, brickwork, lock up and completion.
One of the biggest benefits of a construction loan is you are typically only charged on the drawn down amount. So interest will only be calculated on your outstanding balance. In addition loan repayments are typically interest only payments to minimise additional expenses whilst you build.
As a broker we have many lenders that we work with. We can provide you with a range of options and help take the stress out of the entire process.