Interest only payments during the construction process
If you plan to build your dream home, a construction loan may be right for you. A construction loan 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 draw-downs, you only pay interest on the portion of the construction loan you have used.
Once construction is complete, your loan will then automatically revert to a standard home loan.
Construction loans are available for both registered builders and owner-builders, and you have up to 12 months to complete construction after settlement of the land.
At Dreamstreet, our specialist mortgage consultants will take you through the process and tailor a construction loan to meet your needs, project and budget. Like all our loans we will come to you.
The fact that we don't have massive overheads or shareholders to fund, means we can give all those savings back to you.
Applying for a construction loan has never been easier. Simply call 1300 230 240 between 9:00am-6:00pm Monday to Thursday, 9am to 5:30pm Friday or complete the contact form to have one of the team contact you.