If you are building a new house or renovating your existing home, this loan will help reduce interest payments during the first year of construction.
A Construction Loan allows you to repay only the minimum amount until construction or renovation is completed. Construction loans allow the customer to borrow on the end value of the property, thus maximising the LVR and lowering the amount of liquid funds required.
How does it work?
The lender uses a value to assess the land and proposed construction. The lender also monitors the construction process and only makes progress payments when the builder has reached certain objectives and meets satisfactory standards.
The borrowers provide invoices to the lender who controls payments to the builder.
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