A construction loan allows you to draw amounts for each building stage of your property. With other type of home loans, you usually get the borrowed money as a lump sum and immediately have to pay repayments. With a construction loan, you start with interest only repayments during the construction period. When the building is complete, your loan will change to principal and interest repayments.
Advantages:
Disadvantages:
© Copyright 2019 Aslan Finance | Credit Representative 397059 is authorised under Australian Credit Licence number 389328.
Privacy Policy and Compliments & Concerns
This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply. Your full financial situation will need to be reviewed prior to acceptance of any offer or product.