Title
Home Loans Construction mortgage loan
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Construction Mortgage Loans


If you are building your own home or investment property, a construction mortgage loan may be suitable for you. These mortgage loans are usually interest only for the period of building and then become principal and interest once building is completed. A construction mortgage loan allows you to draw money as is required whilst building. Apart from the usual necessary documents required when applying for a mortgage loan, construction mortgage loans also require a ‘fixed price building contract’ from a registered builder and ‘council approved plans’.

Advantages:

  • Competitive variable interest rates
  • Facility to draw money when necessary whilst building
  • Interest only payments during the building period
  • Additional payments can be made


Disadvantages:

  • Requires a fixed price building contract leaving little room for change whilst building
  • Some lenders charge a fee for every time you draw money whilst building
  • Given it is a variable mortgage loan; mortgage loan repayments will increase if interest rates go up




Call Finance Today on 1300 886 580 for a no obligation discussion on your requirements, e-mail us or make an appointment online.
 

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