What is a construction home loan?
A construction home loan is available for the sole purpose of constructing a dwelling on a parcel of land as compared to traditional home loans which can be used for a number of purposes. This product is structured in a different way during the construction process and then reverts to a standard home loan once construction is complete. During the construction phase there are generally up to 5 progress payments made and these progress payments are performed at slab stage, frame stage and so on. There are inspections during the process and this is where the lending institution ensures that the construction progress is running to schedule and is built to the specifications required by council before they provide additional funding from the construction home loan. There are a variety of construction home loans available to you and we have highlighted some of these options below for you. You can also contact us and speak to one of our consutlants who will assist. Construction Home Loans – K
