Are you planning on building your home?
It's an exciting time, but it can also be confusing and daunting. We are here to hold your hand through the process and make it easy.
FinancePath are construction loan specialists. When building a new home your finance needs are different to buying an established property. A construction loan is a specialised lending option for builders to help you through the process. We have helped hundreds of clients through this process.
How Construction Loans Work
Unlike regular home loans where you typically receive a lump sum of the loan amount at settlement, construction loans are paid out in periodic progress payments from the lender at different stages of construction.
As a guide, there are usually up to five progress payments at stages including slabs poured, frame up, brickwork complete, lock up and practical completion.
Each progress payment is called a draw down, and interest is only charged on the amount drawn down at the time interest is calculated.
Loan repayments are also interest only during the construction period, providing comfort and security to renovators and home builders by minimising their repayments during a stressful and expensive time.
Whether you are ready to build now or in 12 months time, the team at FinancePath will work with you to make your dream a reality.
To speak to one of our specialists today click on "enquire now".
Download our tips for building a home.