Build Your Dream Home - Construction Loans

November 05, 2015
Deborah Cloake

Used to finance the construction of dwellings. Generally, funds are drawn down as the dwelling is built rather than in one lump sum.

What is required;

  • Tender or Copy of a Fixed Price Building Contract
  • Copy of Plans (approved by council)
  • Evidence that construction undertaken or supervised by a registered & insured builder
  • Details of insurance for builders risk

Progress Payments (generally made in following stages);

  • Preparation
  • Slab or base Floor
  • Frame
  • Lockup
  • Fit Out
  • Final

Extra fees can apply and repayments are generally interest only during the construction phase although these change between lenders.

So if you're looking at building your home - contact Mortgage Choice.

With 25 lenders on our panel, it's like to talking to 25 bank managers at the one time.

So now is a perfect time to contact us and see how we can help you.

To find out more - contact us at Suite 5, Rodway Arcade, Nowra NSW  2541 on 02 4422 4062

Posted in: Home loans

Contact us today.

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