Construction Loans
Building or renovating?
Construction Loans are available to borrowers who require funds to build or renovate a property,they are variable interest rate loans which are interest only during the construction period. Generally a construction loan converts to a standard variable rate home loan on completion or a pre-selected product type.Borrowers can either draw down the funds themselves with the lenders approval or request progress payments made direct to the builder.
Construction Loans reduce the interest payable with the interest only repayments available on the outstanding balance until the loan is fully drawn. Additional repayments can also be made at any time without additional fees being incurred.
For more information on Construction Loans, forward an online enquiry to our team, or free call 1800-ALL-LOANS to talk to one of our loan advisors.
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