• +P: (07) 3108 0140
  • info@publichomeloan.com.au

House & Land Package Loans

House & Land Package Loans

House and Land Package Loans

When you start the process of building a home there are a lot of decisions to make. 

Many people dream of building their own home with a design that suits their family situation and desired lifestyle, but while building a home can be fun and give you a sense of achievement it can also be stressful and end up being more expensive than budgeted if you are not very careful.

If you’re building a new home or planning major renovations to your existing home, a construction loan is generally the most appropriate funding option. The major difference between a construction loan and a standard home loan is that in the case of a construction loan the loan is usually drawn down in stages. Payments (or drawdowns) coincide with the initial purchase of the land followed by a number of key construction stages.

This type of loan is ideal for building, as you only pay interest on the amounts you have drawn down.

Before building starts, you will need to pay a deposit to your builder as well as paying a deposit for the land if you are buying land. As work progresses you will need to make payments to the builder.

Construction loans are generally structured for progress payments to be made to the builder during the various stages of construction.

 

Did you know that you can borrow up to 95% to build a new home?

Public Home Loan Brokers are experienced at finding the right construction loan to meet your circumstances.

We explain the different types of loans available, what paperwork is required, finalising the loan approval, through to ensuring the progress payments work smoothly.

 

Contact Us