Construction Loans

Owning your dream home can mean something different for everyone. Whilst a more traditional option is to purchase an existing house/apartment that meets your criteria, sometimes your needs might differ from what is available. This is where building your own home can give you what you’re looking for.

How a construction loan differs

Unlike a regular home loan, which gives you the money in one lump and you repay it back fortnightly/monthly, a construction loan is tied to the construction schedule. What this means is that the funds required for the build are released (also called ‘drawn down’)  to pay the suppliers and contractors at various stages. These stages include:

1. Foundations
2. Framework/Brickwork
3. Lock-Up (when the building is secured)
4. Fit-Out
5. Completion

If you have you dream home in mind and would like to explore the option of getting construction finance, get in touch with our team today. We’ll take you through the process in more detail and provide a range of finance options to suit your needs.