Construction loans work differently to a standard home loan. The lender releases funds in stages as the build progresses, and you generally pay interest only on what has been drawn. George helps you get approval in place and works with the lender and your builder so each progress payment is made on time.
How George can help
- House and land packages
- Knock-down rebuilds
- Major renovations and extensions
- Explain progress payments and the build schedule
- Coordinate valuations with your lender
- Move to your ongoing home loan at completion
Good to know
Lenders usually need a fixed-price building contract, approved plans and the builder’s insurance before funds are released.
Variations to the build can affect your approval, so talk to George before agreeing to changes.
Common questions
The build is split into stages, such as slab, frame, lock-up, fixing and completion. The lender pays the builder at each stage once the work has been checked.
Usually not. During construction you typically pay interest only on the amount drawn so far.
This page is general information only and does not take into account your objectives, financial situation or needs. It is not credit advice. Lending criteria, fees and charges apply. Credit Representative 406032 is authorised under Australian Credit Licence 384408. Australian Credit Licence 384408 is held by Elders Home Loans Pty Ltd (ABN 22 118 064 654).
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