If you have chosen to build a home then a construction loan may be the best option for you.
Many different types of loans can be used for construction so you still have a full choice of lenders, products and rates. you will be approved for the cost of land purchase and the cost of construction.
A construction loan first allows you to buy and settle your land. Then payments are made to your builder in stages as the home is built.
This is a great way to save money when building a home as you will only pay for the funds you have used for the land and each stage of construction as it is finished. Once your property is finished you will have drawn all the loan funds and will then make payments on the whole loan amount.
If you are building a property your broker will be a great asset to you and will help manage the whole process for you.
