Sometimes you look around your house and just think it needs a refresh. Solution: renovation. Maybe you’d rather design a home exactly how you want it to look, rather than buying an established property. Solution: build your own. A little worried about how you’re going to afford it after looking at your savings? We’ll get you sorted with a construction loan.
Construction loans are different from other home loans in that they are progressively drawn-down. In layman’s terms, your lender will pay you the loan in instalments through five different stages of construction: slabs, framework, lockup, fit-out and completion.
The catch with construction loans is that your lender most likely won’t make the next payment until you’ve completed the previous stage to their satisfaction. Sounds sneaky, but it can be a huge advantage to you – as you won’t be paying builders or contractors for work they haven’t completed or done properly.
Making sure you have the loan that works for you is important to us. Speak to us today to learn how you could soon afford to build the home you’ve always wanted.