Building your dream? Chat to our team of mortgage brokers about a construction loan
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Your finance options for building a new home
When you're looking to build a new home or complete a major renovation, your financial needs are quite different from when you buy an established property. Construction loans are a specialised lending option for builders or renovators to help them through the process - these types of loans can either be construction loans specifically, or they can be home loans that have a construction facility.
Different to regular home loans, where you typically receive a lump sum of the loan amount at settlement, construction loans are paid out in periodic progress payments from the lender at different stages of construction. As a guide, there are usually up to five progress payments at different stages including slabs poured, frame up, brickwork complete, lock up and practical completion.
It may be possible to fund minor home improvements through cash savings and/or a personal loan, but if you’re planning a major project it can pay to look at various ways to use a home loan as a source of finance. Some of these finance options include:
- Redraw
- Loan top up
- Loan refinance
- Line of credit loan
- Construction loan
If you're ready to chat with a mortgage broker about your situation, then reach out to our team of Mortgage Brokers in Springwood.
How can our team of Mortgage Brokers in Springwood help?
Our mortgage brokers in Springwood and Logan can help you determine which construction loan is the right one for you. Our team of finance experts are skilled and experienced in dealing with construction loans and can prepare you for the journey ahead.
It’s important to get expert advice from one of our mortgage brokers when applying for a construction loan as they typically have a shorter term, a higher interest rate and carry stricter eligibility requirements. When applying for a construction loan you will need to have a signed building contract with a payment schedule, and a detailed schedule of works as well as council approved construction plans.
To learn more about construction loans, speak to our team from Mortgage Choice Springwood.
Free home loan information
Are you building your new home? Our range of free home loan resources can help guide you through the process. Feel free to check out some of our free resources below.
- Guide: Building your home guide
- Guide: Step by step to property ownership
- Home Loan Calculator: How much can I borrow?
Call us today on 07 3808 1070 to have a chat with our Springwood mortgage brokers.
We can also help you with:
- Home Loans Rochedale
- Mortgage Brokers Daisy Hill
- Mortgage Brokers Logan
- Upgrader loans
- Construction loans
- Property investment loans
