Construction loans | Mortgage Broker in Gables, Rouse Hill, Box Hill, Blacktown & Schofields
Construction loans are designed specifically to fund major construction projects like: building a new home or making major renovations on an existing property. Constructions differ from regular home loans and cover all stages of the construction process. Our Mortgage Choice team in Blacktown & Box Hill has access to 30+ lenders and hundreds of construction loans, let us help!
What is a construction loan?
With a regular home loan, the funds are paid in one lump sum. With a construction loan, you're able to draw down on the loan balance when the payments are due to the builder: known as 'progress payments'. You only have to pay interest on the money that has been drawn on, rather than the full amount. In general, construction loans have a variable rate with a maximum Loan to Value Raio (LVR) or 95%.
Choosing the right loan for the job
There are lots of construction loans to choose from, each has their own lending criteria and features. When deciding which one is right for you, it's important to look at your own financial situation as well as the project itself. Our Mortgage Broker Blacktown & Box Hill team will help you determine what loan structure, terms and features will suit your unique project.
- We talk you through what you need for your application: like a signed building contract, payment scheduled and council approved plans.
- We give advice on the loan term, structure and features so you have the most cost effective construction loan available to you.
- We put together the application and follow-up with the lender until settlement. We also help with progress payments throughout the build.
Contact your local Mortgage Choice Blacktown & Box Hill team
Our team has the expertise and experience to make financing your next project easier than ever. As mobile brokers, we can come to you! We service the areas of Box Hill NSW , Rouse Hill , Gables, Blacktown, Schofields, Riverstone and surrounds.
Contact us and let's make your next project a reality.
Contact Andrea Lord and her Mortgage Choice team on 0488 701 300 or book an appointment below.
Call 0488 701 300 Book an Appointment
