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Build your dream home with a construction loan. The funds will be paid to you in drawdowns ensuring you only pay interest on the portion of the construction loan you have drawn down

Types of Construction Loans

Variable home loans

Fixed home loans

Construction loans

Split home loans

Construction loans operate a bit differently than traditional mortgages on an existing property. You’ll need to get conditional, or pre-approval for the construction loan and the mortgage that will replace it once the property is built.

You will need to bring the following types of documents into your meeting with one of our Construction Loan Specialists:

  • Copies of your current payslips and other income you receive like rental income or monthly pension payments
  • Copies of your current liabilities like home loans or credit card debt
  • A detailed budget showing your living and monthly expenses
  • Current and past employment and address history for the past few years.

Once you decide that you’d like to build your dream home, we’ll help you determine if the quoted land and construction costs are reasonably priced for the area.

Next you’ll want to do the following:

  • Arrange an in-person inspection of the building site
  • Write up your offer to purchase, conditional on approval of your fixed price contract/construction loan and the results of the inspection
  • Negotiate a ten day time period in which you can complete an inspection and receive your loan approval.

Construction loans are also known as fixed price contracts. We lend a fixed amount to cover the cost of construction but retain the funds for you.

Mortgage House then will make progress payments to your building contractor on your behalf as your contractor finishes each stage of the project. Most loans cover construction over a twelve-month period and are then converted into a mortgage loan upon completion of the project.

Generally, this type of loan covers only construction costs, not the cost to purchase land. However, we have many loan products to help you purchase the building lot also.

Our Construction Loans

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