Interest only payments during the cconstruction process
If you plan to build your dream home, a construction loan may be right for you. It generally involves draw down payments where you receive the funds in instalments, as each stage of construction work is complete.
The construction loan allows interest only payments for the land portion prior to construction, and interest only payments during the construction process. Because the funds are paid to you in drawdowns, you only pay interest on the portion of the construction loan you have used.
Once construction is complete, your loan will automatically revert to a standard variable rate home loan.
Construction loans are available for both registered builders and owner-builders, and you have up to 24 months to complete construction after settlement of the land.
At Dreamstreet, our specialist lending professionals can take you through the process and tailor a construction loan to meet your needs, project and budget.
Applying for a construction loan has never been easier. Simply call 1300 230 240 between 9:00am-6:30pm Monday to Friday, or complete the contact form to have one of the team contact you.