Construction Home Loans

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A Construction Loan is used when a new home is being built. or for a large renovation.

Typically, with Construction Loans, builders are paid by way of a schedule of progress payments. At each stage of the building project, after the building work has been inspected and verified as complete, the builder is paid a progress payment.  In other words, the builder is not paid one lump sum at the beginning of the project, but gets paid a number of smaller payments whilst the home is being built.

Generally, nterest is only payable on the money drawn. For example on a $500,000 project, if $200,00 has been drawn after say 2 months into the project, then interest will only be payable on the $200,000, and not on the total loan amount of $500,000. Once the home has been built, the Construction Loan changes to the borrower’s selected choice of home loan.
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