Construction Mortgage Loan



If you are building your own home or investment property, a construction mortgage loan may be suitable for you.


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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


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’.


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Why Choose Finance Today?



Tailored To You



We understand that you need finance and advice to your particular situation and we can respond to your needs quickly.



Honest Answers & Advice



We take the time to fully understand your current situation and your needs. You will get an honest answer whether we can help you or not.



Flexibility



We are flexible and don’t “close the doors” at 5 pm each day. Our advisers are available to meet at your home, work or in our offices.



Call Finance Today on 1300 886 580 for a no-obligation discussion on your requirements.





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Finance Today


Sydney NSW 2000