Construction (Building) Loans

Creative Home Loans can assist you with your building loan, lending up to 95% of the valuation if you are using a contract builder and up to 80% if you are an owner builder.

During the Construction Period

Monthly repayments will be interest only. One month after the last drawdown the loan will revert to principal and interest repayments or can remain interest only if required (investment loan).

Some lenders will allow you to take advantage of their honeymoon or special offer loans. On completion we need to revisit your current loan situation to see if you should you keep the loan as is or are you better off switching your loan to a product that will best suit your financial needs?

Required For Loan Approval

Plan of the house to be built.	Fixed price tender and specifications.
Front page of contract, if purchasing land.	Rates notice (if land already owned).

Prior to First Progress Payment (need to supply lender)

Council approved plans.

Builders insurance including $5m public liability.

Progress Payments

Up to 5 progress payment stages, this may vary to accommodate the builder.

1. Slab 2. Farming 3. Lock-up 4. Finishing 5. Completion

Prior to Final Release of Funds

Customers must have building insurance with the Mortgagee as the interested party.

Creative Home Loans, putting the joy back into building a home.