Construction Loans

October 26, 2015
Wayne Smith

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 2, 10-12 High St Wodonga or call 02 6056 4433.

Posted in: Upgraders / movers

Contact us today.

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