Building your dream - Construction loans from your Summer Hill mortgage broker
If you're looking to build a new home or complete a major renovation, then your finance needs will be significantly different compared to buying an established property.
How are construction loans different?
Construction loans are a specialised lending option for home 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.
The difference is, where you typically receive a lump sum of the loan amount at settlement with normal home loans, 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.
Expert mortgage broker, Charles Shomar and our team in Sydney's Inner West can help you determine what construction loan is the right one for you if your dream is to build your own home or complete a major renovation. Our team of experts are skilled and experienced at dealing with construction loans and can prepare you for the journey ahead.
It exciting to be able to turn your dreams into reality, however it's a great idea to have an expert on-hand to pre-empt any surprised or unexpected issues that you just wouldn't realise if you don't deal with this type of loan everyday.
If you're interested in getting familiar with some of the common questions and stages of construction loan, then our helpful Guide "Ready to build or renovate your dream home?" is available for downloading now.
Give us a call today on 02 9799 3500 to discuss what your construction loan needs are, or you can click 'Contact us' on our homepage so that we can contact you.