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You are here: Home / Loan Types / Construction Loans

Construction Loans

Aerial view of Gippsland suburban Houses

A construction loan may be most suitable if you are building your own home or investment property.  Construction loans are usually interest only for the period of building and then become principle and interest once building is complete. Subject to negotiation, the interest only term can be continued. With a construction loan, your monthly repayments increase as money is drawn at each building stage to pay the builder. Along with the necessary documents that are required when applying for a loan, construction loans also require a fixed priced building contract, building specifications and council approved plans.

Advantages:

  • Interest only repayments during the building period
  • Competitive variable interest rates

Disadvantages:

  • Some lenders will charge you a fee every time you draw money during the building period
  • Construction loans require a fixed price building contract leaving little room for changes whilst building
  • Given the loan is a variable rate loan, repayments may increase if interest rates go up

Download our ‘Which Home Loan’ brochure (pdf) for more tips and general information.

For professional, friendly and expert lending advise contact us today.

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THE FINE PRINT

Credit Representative 481807 is authorised under Australian Credit Licence 389328.

Your full financial needs and requirements need to be reviewed prior to any tailored advice being provided. Subject to lenders criteria and lenders fees and charges may apply.

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The information contained in this website is for general education purposes only and does not constitute specialist advice. It should not be relied upon for the purpose of entering into any legal or financial commitments.

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364 Raymond Street, Sale Victoria 3850

P 03 5143 0135
M 0438 235 375
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