Construction Loans – Let us handle it for you
A lot of our clients chose to purchase a block of land and build their dream home, as opposed to purchasing an established property.
This way, our client’s get the exact home that they want but you need a building home loan.
More often than not, initially you will have two loans, i.e. one loan for the land and one loan to construct the home.
On completion of the home, if you desire, the two loans can be consolidated into one loan. During the construction phase, the lender will control the release of funds to the builder. That is, at each stage, (usually 4-5) when the builder requires payment, the invoice will be sent to the bank for payment. The bank will seek the borrower’s authorisation before payment.