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Sydney Mortgage
Revealed: Important new information for First Time Buyers.
With falling interest rates, now is definitely the time to refinance your home loan interest rate.
Is your home loan still a good deal? Our free home loan review will find out for you.

Construction Loan Sydney

Looking to build your own home?  Want to carry out major renovations to your existing property?  Consider your options and look at a construction loan.

Construction loans enable borrowers to build a new home or carry out major renovations to their existing property.  Using construction costs estimates, your lender will discuss with you the value of the loan to match the final cost of your property.  You can supply building quotes and tenders, as well as any council approvals. 

During the construction phase, it is interest only repayments.  As you draw on the loan in stages, rather than as a lump payment, you have smaller repayment amounts.  Once the project is completed, the loan reverts to principal and interest.

Advantages
  • Paying interest-only during construction allows borrowers to access the funds necessary for the project, without large monthly repayments
  • You can make unlimited repayments during the construction period. 
Considerations
  • Because this is a variable rate loan, if interest rates go up during construction, so will your repayments. 
  • As you are paying interest only during this stage, you will not reduce your total debt by much.

First Home Buyer Grant
In October 2008, the Federal Government announced an increase to the First Home Buyer Grant.  However as of 31 December 2009 the grant will reduce to the original $7,000.  To find out if you are eligible you can visit http://www.firsthome.gov.au/


Talk to a mortgage broker who is experienced in this type of loan, and ensure the peace of mind you deserve.  Call us today on or submit your details using ouron-line form.
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