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Construction loans are for the building of new dwellings, major renovations and extensions. Funds are released to the builder upon completion of each stage (usually up-to 5 stages).
This means that interest is only being calculated on that amount which has been physically drawn down, and you are only making repayments on the portion you have used. When construction is complete, you can nominate which product or loan type your loan reverts to.
Most lenders will lend up to 80% of the home and land value combined, however some lenders may lend up to 90-95% of the home and land value, so it’s a good idea to check with AHL to determine which lenders to choose from when building
When you decide to build and apply for a construction loan, the lenders will need to see, at minimum, Council approved plans and a fixed-price building contract, before they will unconditionally approve a construction loan.
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Absolute Home Lending was an absolute pleasure to deal with. We had no idea how much we could have been saving by shopping around our home loan
A big thank you to Jim who helped us secure our first home owners grant after it was initially rejected.