Construction Loans

GET RIGHT FINANCE FOR CONSTRUCTION INVESTMENT

Construction Loans

Construction loans are issued when a property owner wants to build or renovate a house on their land. A construction loan is a progress payment structure, unlike home loans, where you get the whole loan amount disbursed in one go.

How does progress payment work?

Lenders will issue the payments to your builder during specific stages as outlined in the agreement. Interest gets charged only on the dispensed amount from the full loan amount. This arrangement keeps the lower repayments costs during the construction phase.

The final payment is only released after the valuer confirms that the construction has gone through all its required stages, and is finally complete. The valuer will evaluate the final stage as per the original plans and specifications, and after all the internal fixing are done.

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What are the stages of Construction?

The standard stages of construction are:

Foundation/Slab – Laying and waterproofing the foundation. During this stage, builders will level the ground, and part of the plumbing work will be completed.
Frame Stage – During this stage, the brickwork will be partially complete along with the frame, roofing, truss and windows.
Lockup – During this stage, lockable windows, doors and external walls are constructed.
Fitout Stage – Plasterboards, electricity, plumbing, gutters and some cupboards are installed.
Completion/Final Stages – Finalising plumbing, electricity and providing final touch-ups where needed. Equipment and appliances installed before final inspection.

Would the loan be Interest only?

Some lenders offer construction loans that are interest-only during the construction period and then revert to a standard principal and interest loan.wants

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