construction loans Whether you’re building a new home or planning major renovations to your existing home, a construction loan is generally the most suitable finance option. The difference between a construction loan and a standard home loan is that instead of a lump sum payment at agreement signoff, the loan is usually drawn down in 5 stages. Payments (or draw downs) coincide with the initial purchase of the land followed by a number of key construction stages. Process Before building starts, you will need to pay a deposit to your builder as well as paying a deposit for the land if you are buying land. As work progresses, the lender will make payments to the builder for work that is completed. Occasionally, the lenders will send a valuer to check on the progress of the construction and verify the value of work that has been completed. Interest payments This type of loan is ideal for building, as you only pay interest on the amount you draw down. For instance, if you have borrowed $250,000 for a house and land package, but have only drawn down $100,000 to pay for the land, you only pay interest on the $100,000 not the full amount. Register And Use Our Loan Calculators And Investment Tools Absolutely Free!!! Subscribe To Our Free Monthly Newsletter!!! Make An Appointment With Us Today!!! | 
