Construction Home Loans

A construction loan is an interest only loan on the value of your land, which increases in stages as your home gets built, then usually converts to principle and interest on completion.

Pros — What’s good about a construction home loan?

• Interest only while you build. For the duration of the construction period, you pay interest only on the loan with most lenders, making the repayments a bit cheaper for you.

Cons — What’s bad about a construction home loan?

• You may have to pay rent or your current mortgage. If you don't have friends or family you can stay with while your new home is being built, you will have to factor in these costs.

Still have questions about construction home loans?

If you have any questions about construction loans that aren’t covered above (in fact, even if they are!), please feel free to give us a call on 1300 883 292 or enquire below, and we’ll call you.