Let us help you understand the ins and outs of construction loans in layman’s terms by reading our ‘Construction Loans Explained’ E-Book.
In this FREE ‘Construction Loans Explained’ E-Book:
- Funds required for the land settlement
- Construction loans
- Documents required before and after formal approval
- How do you request a progress payment claim be paid?
- Building contract progress payment schedules
- Documents your Bank requires before they pay the final progress payment
- Construction loan process MAP
- Holding costs explained
As you may be aware, a ‘Land & Construction Loan’ operates slightly different to a standard home loan.
Please note, it’s important to set up a direct debit to make the interest only repayments for the holding costs (i.e. interest that is charged each month during the construction phase) to come from your savings account.
Let us now assist you to understand the ins and outs of this type of funding and what your Lender needs at each important stage.