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Construction Loans

When applying for a construction loan, the following will be required:

    • Council approval
    • Permits for the building contracts
    • Detailed plans and pricing
    • The builder must be registered and adequately insured
    • The building must be completed within twelve months of the intial payment
A valuer’s inspection will be conducted before the funds are released in increments, for each progressive payment (the lender will organise this). For the duration of construction, interest-only payments are applicable; this is because the funds are loaned on a progressive draw-down dependent on the building contract.
Construction Loans are ideal for those who are planning to build their own home.
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