What is a construction loan?
Construction loans let you draw down your loan in chunks or instalments. Most banks offer this facility and may refer to these instalments as ‘progressive drawdowns’ or ‘progress payments’. We use both, but they mean the same thing – individual payments, drawn at various stages of the project, from a pre-agreed loan amount.
The obvious advantage of this loan is that you only pay interest on the money you use. To further lighten the load, construction loans have interest-only repayment options during the build period.
Renovating your current house or are you building your dream home? Whatever goal you’re working towards, Loan Station is here to help you take the next move. We offer construction loans for owner builders and registered builders, whilst keeping the conditions flexible and the cashflow going.
What now? Take the next step
Enquire with us and one of our lending professionals will be in touch with the aim of putting you in a better financial situation to better your future.
Loans to Suit You
Here at Loan Station our mission is to work towards making your dream of being a home owner come true without the stress of worrying which loan is best for you. Our team will find the best loan to tailor your needs and lifestyle.