Construction loans differ from standard outright purchases and settlements of existing properties. While traditional home loans typically offer a lump sum payment, a construction loan is usually paid out in stages as your new build progresses.
When considering a construction loan, it's important to speak with a specialist in construction lending before you commit. This will help you understand which type of loan is right for you and ensure that you won't run into any unexpected issues when building your home.
Some benefits of using a specialised new build loan provider include:
- Building with a much smaller deposit than you might expect - terms and conditions will apply
- "Client Progress Payment" or "Land and Build Turn-Key" Packages may be available for qualifying clients
- Your loan will be fully project managed throughout the building process from application, through to completion - one less stress for you!
Our specialist new-build lending partners are highly experienced and can help you find the right loan for your new home.