Building a brand-new home, or making major renovations on an existing home are exciting projects to undertake as home owners. If you’re planning to build or give your existing property a major face lift, it may be worth considering a construction loan.
*Terms & Conditions apply. Limited time only. Subject to approval.
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.
Thousands of home loans, multiple lenders. We’ll find the one that’s right for you.
With property prices rising across many of Australia's property markets, it is becoming increasingly difficult for some first home buyers to get their foot on the property ladder. Here's a breakdown of the various grants and discounts currently available to first home buyers in Australia.
The federal government has launched a new scheme for first time buyers allowing approved applicants to take out a mortgage with just a 5% deposit and avoid paying lenders mortgage insurance. Here’s a summary of everything you need to know about the FHLDS.
The current correction looks like it is coming to an end and many are saying prices will rise again by at least 10%. So, is another boom just about to begin?
“A simple coffee meeting has turned out to be a great relationship with The Loan Room. Their services and advice has been very beneficial and they were able to negotiate a far greater rate from the Major Banks. They showed us clearly the pros and cons of each Institution and gave us ample time to select our current lender. Give it a go, it’s well worth it!” – John Sanderson, Hawthorn VIC
“Never have I experienced the level of customer service that I have with The Loan Room. I would highly recommend this company to help you with your financial needs, so thorough, takes all the guess work out and made our buying and selling a breeze. Thank you!” – Leah Thompson via Facebook