Mortgage-Mart offers construction loans for first home buyers, current home owners and investors.
To commence with a construction loan you will need to provide a contract for the purchase of the vacant land, a fixed price contract for the construction and also council approved plans to determine the full cost to complete your home. The lender will then look to approve your home loan based on the 'on completion' value of your home.
During the time you are building, the lender will inspect the site prior to making payments to the builder on your behalf. You will only pay interest on the loan amount drawn upon and paid to the builder at each step of construction. On the completion of construction, you will then revert to your standard monthly payments.
If you need more information on these types of home loan products and how they suit your individual home loan needs, enquire online or call 1300 720 623 to speak with an experienced Mortgage-Mart consultant.
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