If you are building your own home or investment property, a construction loan may be suitable for you. This loan requires a fixed price building contract from a registered builder. These loans are usually interest only for the period of building and then become principal and interest once building is completed.
A construction loan allows you to draw money as is required whilst building. In addition to the usual documents required when applying for a loan, construction loans also require a ‘fixed price building contract’ and ‘council approved plans’.
You don’t have to be taking on the task of building your home from scratch to take advantage of a Mortgage Zone construction loan. These loans are also suitable for you if you want to renovate your home.
So, stop worrying about how you are going to finance your dream home or get your new dream kitchen – start living the dream! Contact us to get started now.