Building your dream - Construction loans through your Logan mortgage broker
When you're looking to build a new home or complete a major renovation, your finance needs are quite different than 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.
Our mortgage brokers in Springwood, Logan 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.
Book an appointment online or call us today on 07 3808 1070 to book in your obligation-free appointment.