Let our consultants take care of your construction loan in Point Cook
Instead of buying an already established home, you may be thinking of constructing a home of your choice. It can be a wonderful and exciting thing to do but setting up a home can be pretty expensive. To help you with the construction process, a construction loan can provide you enough finance so that you can get a home you have always dreamed of.
“Consult a loan expert at Credit Hub and save yourself from the inconvenience of getting a construction loan.”
It helps you save interest because interest is applicable only on the amount drawdown, not on the maximum amount which bank or lender has agreed to pay. So, you pay less interest rate.
During the construction period, loan repayments are interest only which means that you only need to pay interest only for the amount drawdown until the construction is complete. Therefore, loan repayments are lower.
Opposed to other loans where borrowers can only borrow money against the value of current land or property, construction loan allows borrowers to borrow money against the value of the property as if it were completed.
Payments will not be made to the builder until the builder’s work is inspected and approved by the borrower.
Construction loans take place in 5 stages and these are:
Recent salary slips from the employer with the name of the company. In case, you are self-employed, personal and business tax returns of last two years, ATO assessments, and all income details will be required.
