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If you want to design and build a property as your wish, a construction loan will help you to access funds in different stages of construction.
HomeBuilder is an Australian Government initiative providing eligible Owner Occupiers with a grant of $25,000 to build a new home or substantially renovate an existing home.
Construction Loans have Interest Only payments during the construction period, and lender will only charge interest on the amount of the credit that was drawn at a particular stage of construction.
In general, you won't be disadvantaged on the interest rates if to get a construction loan compares to the normal loans.
At each of the below stages, different from each lender that they will have valuers to inspect the progress of the build, and this puts another layer of protection over your house.
First stage: Base (10% of contract)
Second stage: Frame (15% of contract)
Third stage: Lock-up (35% of contract)
Fourth stage: Fixing (20% of contract)
Fifth Stage: Completion (15% of contract)
Also, You can make additional payments into your Construction Loan at any time to reduce your loan balance.
Book appointment to apply.