Minas Economidis

Building with the right loan | Mortgage Broker Werribee

Many are now building their own homes, especially with the number of people making a 'tree-change' during the pandemic to leafier and less densely populated areas. Building your home means you know exactly how it's going to turn out and you're able to customise it to your life and needs. You would usually finance your build using a construction loan.

What is a construction loan?

Construction loans are different from regular home loans, as the building process requires ongoing payments throughout the construction process. This means that instead of the whole loan amount being made available to you from the very start, you would instead have 'progress payments' as per your builder's schedule.

This means that you don't pay interest on the whole amount just what has been drawn down at key stages of the building process. Therefore, repayments will be smaller at the start of the building process and will increase as your home nears completion.

House and land packages

House and land packages are also a popular option at the moment, which can open up another range of options available. You may choose to buy the land with one loan and pay it off before deciding to build with a separate loan. Or you can use a construction loan that drip feeds the loan balance in line with key stages of construction.

"These guys are very professional in dealing with their clients. From the very minute I acquired their assistant, they went over and above making sure I had the right advice to obtaining my loan. I would highly recommend this service to anyone looking for home loans." [Samuel, Construction loan, Werribee]

How our Mortgage Broker Werribee team helps with construction loans

There are a number of things you will need for your construction loan application. Our Mortgage Broker Werribee & Point Cook team will help you get everything together for your application and help you find a lender that is going to help you.

We'll go through the progress payment plan and work with your builder and lender to ensure that everything runs smoothly. We have hundreds of construction loans from our panel of amazing lenders.

Find out more about construction loans

There's lots to know about construction loans, and the building process. Our Mortgage Broker Werribee team have put together a range of resources to help you make better choices for a better life.

Your Werribee support team is here to help

Your local Mortgage Broker Werribee team would love to help you find the right construction loan for your brand new home! We are mobile and can come to you at a convenient time and place. Or you can visit our office at 275 Heaths Road in Werribee.

Call our Mortgage Broker Werribee team on 03 9749 8800 or click on the Speak to us button at the top of the page.

^{Our Mortgage Broker Werribee team service the areas of Altona, Altona Meadows, Altona North, Derrimut, Hoppers Crossing, Laverton, Point Cook, Seabrook, Seaholme, Tarneit, Truganina, Werribee, Werribee South, Williams Landing and Wyndham Vale, as well as other nearby areas.}