Construction loans are a tool available to people looking to build from scratch or substantially renovate their home. A construction loan works differently to a regular home loan as it is paid out in multiple installments, called progress payments or draw downs. While progress payment structure may vary, there are usually five stages as shown to the left.
We can help you arrange payment for the builder at each stage of the process. We can also arrange a pre-approval for the construction even before you purchase the vacant land, allowing you to negotiate more strongly.