What are the advantages of a construction loan?
The main advantage of accessing a construction loan is that you repay the borrowed amount in stages depending on the progress of your build.
For example, once you have paid your deposit, you only pay a small percentage of the total owed amount when your foundation slab is laid. This amount remains the same until the next stage of the build and progressively increases as the build continues. This means you’re not out of pocket for the full repayments whilst your home is under construction.
The other perk is that most lenders will require repayments on interest only during construction, again reducing the repayments owed. Once your build is complete, both the principal amount and interest is owed on the full loan amount.
This option makes it much more affordable for some and a viable way of entering the property market,
Building a home in Perth
Hey home builders – this one’s for you
We’re the money experts that’s part of a much bigger picture – Locale Property Group.
Most mortgage brokers will be able to offer you insights into your finances alone – not us. Our team form a part of a much bigger body, moving in the direction of building wealth for people who want a bright financial future.
A backing of property partners who can offer you advice on building your first home, buying your next home or investing in a property – means that you benefit from a one-stop-shop when you choose us as your mortgage broker.
What our clients say
As an Interstate investor I was quite apprehensive. I did my due diligence & investigations to make sure everything stacked up. Oumi has now put my mind at ease. He has proven to be very professional with a friendly persona, a positive attitude who has been nothing but obliging with sorting out all the hectic tape amongst the Builder & Developer and sometimes my Financier for a smooth transition. I have no hesitation with recommending him for your new venture.
Convert your rent
How much rent do you pay per week?
Often you can achieve your perfect place for what you are paying in rent. Use our calculator to see what's possible.
Over a 2 year period you will pay your landlord
$money
Go Back and start again
If you want to stop paying your landlord's mortgage and get into a home of your own, find out if you qualify now!
Do I Qualify?Can I afford to invest in property?
Let’s see how much you can borrow.
Chat with one of our in-house finance experts to find out how much you can borrow and invest.
