Building a new home, a block of units or thinking of renovating? We can get you the right construction funding for your needs.Book a FREE Appointment
The first step you should take toward getting a construction loan is to contact our finance experts who can get you the right funding for your needs.
Building your own house can be an exciting experience but it can also be a long, expensive and daunting process. Getting a mortgage can sometimes be tricky since most people can't afford to pay for the cost of home construction up front and let's face it, you’re asking a bank or a mortgage lender to give you money for something that doesn’t even exist yet.
For construction loans, interest only repayment options are also very beneficial as it keeps the repayments to a minimum. The interest is only calculated on any amount used towards construction at a specific point in time, therefor you are only paying interest on the amount owed at that time rather than the total approved construction amount. Effectively your interest repayment at 50% of the construction progress will only be 50% of the construction loan limit. Similar to a credit card - you only pay interest on what you use, not the limit.
This reduced repayment enables you to manage your current living arrangements (example rent, etc) without a large mortgage repayment during the building stage.
A standard mortgage loan is not the preferred option for your needs. Let us help you arrange the most competitive construction loan available.