Construction Loans

Construction Loans From 4.99% contact us via the contact form or Call Andreas Holmes 0405 473 037

If you are going to build a new home or do a major renovation to your property, then a construction loan is generally the best option for you.

To help you with your finance needs it is important to understand the differences between a standard home loan and a construction loan. The difference between a standard home loan and a construction loan is that instead of a lump sum payment at agreed sign off. The loan is drawn down in stages as the land purchase and building of the home progresses. The payments also know as draw downs start with the land purchase followed by payments that coincide with set stages such as Slab down, frame up, lock up, and fit off.

The advantage of a construction loan is that you only pay interest on the money that has been drawn down not the whole amount you will borrow. For example when you borrow $ 280 000 for a house and land package and have paid for the land say $130 000 you will only pay interest on the amount drawn down which is the $130 000 not the full amount. Next you will be paying a deposit to your builder before he starts work followed by regular payments as work progresses. Construction loans are structured to work with the purchase of land and then the building of your home. These are definitely the way to go if you intend to build.

Ability Mortgage Brokers will help you with Residential and commercial construction loans. We also help with Low deposit construction loans, bad credit construction loans, 100% construction loans, owner builder construction loans and low doc construction loans.

Ability Mortgage Brokers are specialists Providing construction loans to our many happy clients, so if you are looking to build and need a building loan, pre approval or would just like to ask us a question then please contact us via the contact page or call.

Jeff Gordan Ph 0466 043 664

Andreas H Ph 0405 473 037

Residential Construction Loans

We can help you find the best residential construction loan form our over 40 bank and non bank lenders, So if you are self employed ,credit impaired a first home buyer or property investor we can help.

Commercial Construction Loans

Ability Mortgage Brokers has great commercial construction loans available from our lenders.

See also land and construction loans

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