Building or renovating your own home is a challenge, but it’s one that can bring big rewards. At iConnect Financial we’ll help you find the right loan to suit your project, so you can stop worrying about the money and start choosing paint colours. Many lenders offer construction loans and each will be slightly different.
In general, you can expect to be able to draw down on the loan as you need the funds, which saves you interest. You can also expect to make interest only repayments until your project is completed, keeping your repayment costs down while you’re paying to live somewhere else.
Construction loans are simple once they’re set up, keeping payments to a minimum.