Construction Home Loans
A Construction loan most ordinarily has progress payments. That is, you draw down the home loan (or increment you’re acquiring) as expected to pay for the construction via progress payments. A construction loan will for the most part be interest-only over the initial 12 months and afterward return to a standard variable rate home loan.
Rather than settling the entire loan amount, the loan is drawn down in stages. There are generally 5 stages that require a progress payment. These stages are:
- Slab / base payment
- Frame Stage
- Lockup stage
During this time you will receive invoices from your builders in which you will provide to your lender.
To discuss construction loans further please speak to your local mortgage broker.
Your Home Your Mortgage:
A Home Buyers Guide
Your Mortgage Your Options:
A Home Owners Guide To Refinancing
From the moment you turn the key in the lock and take those first few steps through your new front door, the feeling of owning your own home is second to none.
Your Home Your Mortgage aims to arm home buyers and investors with essential know-how and proven techniques to ensure you avoid the common pitfalls of financing a property.
There’s no question the current mortgage environment is one of the most competitive in our nation’s history.
Refinancing provides Australians with a platform to get a better deal on their current mortgage, many of which may have been locked in some years ago at interest rates well above what’s on offer in today’s competitive market.