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Construction loans, also known as builder loans, are different from regular home loans, due to building works requiring ongoing payments as the construction progresses.
In the case of a traditional home loan, the totality of funds will be made available in a single lump sum, while a construction loan lets borrowers draw on the loan balance when payments need to be made to the builder. These payments are made at key stages of the building process, and are known as progress payments.
While work is still in progress, you will only be asked to make interest repayments on money that has been drawn down. This means you will only be paying interest on money that has been used.
Repayments will be smaller at the start of your loan, and will increase gradually as your construction project approaches completion.
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The lender and loan you choose for your next home loan should depend on your specific situation.
In today’s market, it pays to shop around but there are a few things to look out for to ensure you get started on the right track.
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