Construction Loans

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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