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Construction Loan

What is a Construction Loan?

A construction loan is a loan used for homes that are being newly built or homes that need to be renovated.

This type of loan is setting up a schedule of progress payments to pay the builders and organis the payments to be made after stage of building the home has been inspected and verified.

The lender who provides you the construction loan will need the following documents in order to process the loan.

  • Estimate costs needed for construction are Council approved plan and specifications ,which may inlcude any conditions of approval.
  • When the home is completed, the construction loan will revert to a agreed choice of home loan.
  • The lender may require the borrower to repay only the interest repayments from the loan draw-down to date during the construction period.

More Home Loans staff have extensive knowledge when it comes to requiring a construction loan to build your first home or even your second home.

More Home Loans can also assist you when it comes to obtaining a home loan for investment purposes, refinancing your current home loan or purchasing another property.

No application is too hard for our staff, we can come to a place of convenience at a time that suits you.

Disclaimers

   
The quality of service was exceptional. I didnít think such a complicated
subject could be made so understandable to someone like myself...
 
M. Jones