Product:  Construction Loans

Introduction

These loans are used to buy land and build a home, or just build a home.

Key Features

Generally, borrowers are able to borrow 90% of the value of land and the constructed home.

Variable interest rates are charged.

Advantages

During the construction process, funds will be required on a regular basis to pay the builder and other construction costs.  Instead of drawing down the whole loan amount, borrowers drawn down on the loan, as required.

Considerations

Constructions loans may not have the same features as a standard loan.

Suitable for

Construction of your home.

Example of product

AMP's Construction Loan

Yes Home Loans' Construction Loan