Renovating, Construction and Development Lending
Need a loan to build a house?
You will need to find a reputable, licensed Insured builder, draw up plans, your builder can take care of this, you will require the following:
Building contract, Specified House Plans, Progress payments schedule.
How a construction loan works you will make progressive payments you can progressively draw funds as required during the construction, to help you save on interest. Payments are interest only until the loan's fully drawn down - after that, you may choose to keep making interest only repayments. Your interest only period starts from your first progressive payment. If you decide this option is right for you, your repayments will be lower during the interest only period but you will have to repay the principal down the track.
We can guide you through the building process as we have the experience and have personally built several homes.
