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Construction Loans

12 Month Fixed Construction Loan

Standard Variable Construction Loan

Construction Loans are also available as Low Doc Construction Loans, Credit Impaired Construction Loans and Line Of Credit Construction Loans.

A Construction Loan is a short-term, interim loan for financing the cost of construction. At the end of the construction term, your loan reverts to a standard loan of your choice. The lender makes payments to the builder at periodic intervals as the work progresses.

If you’re building a new home or planning major renovations to your existing home, a construction loan is generally the most appropriate funding option.

The difference between a construction loan and a standard home loan is that instead of

a lump sum payment at agreement signoff, the loan is usually drawn down in stages. Payments (or draw downs) coincide with the initial purchase of the land followed by a number of key construction stages.

You can never be locked into any loan by any lender!

(This means that irrespective of being in a fixed rate loan or a variable rate loan, you can leave that lender by paying their indicated break fee. It is often the case that break fees are less than the benefits received by switching to a better home loan product.)

The Australian Home Loan industry boasts in excess of 3,000 home loan products, options and home loan variations.

Mortgage Buddy as a true Mortgage Broker will assist you with filtering these options to find a home loan that will suit your needs.

Call Mortgage Buddy to help you find the right Construction Loan - 1300 30 29 29