---

Constructions loans are predominantly used by first home buyers but they do apply to current owner occupiers and investors. Construction loans require that borrowers have a contract to purchase vacant land, a fixed price contract for the construction and council approved plans which will enable the lender to approve the home loan based on the on completion value of the home.

Progress payments are generally made by the lender as per a percentage paid to the builder at different stages of the construction. These payments are made after the lender inspects the site at the differing stages.
This loan will be interest only until the completion of construction at which time it will revert to a standard principal and interest repayment.

There are plenty of good reasons for choosing to renovate rather than move. For most people, the high cost of purchasing a new home outweighs the challenges of renovating. Recent big house price rises also means many home owners have considerable equity in their property. This can make getting a renovation loan easier and reduces the risk of overcapitalising.

You have the freedom to add quality craftsmanship and the design features that you and your family value. Creative projects are both exciting and stressful – that’s why we’re here to help with the basics like getting the right mortgage and saving money.

To save on interest and have greater control of your project, choose a Building Loan to draw down funds progressively as you meet building milestones. We can set up and manage progress payments for you. You might also consider a line of credit, with separate sub-accounts for your home loan, investments, and lifestyle needs.

Pre-Approval