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Construction LoansA Construction Loan is generally drawn down (as progress payments) in stages as the builder reached the different stages as stipulated on the Building Contract The lender would also require the following documents for you and your registered builder, when applying for a construction loan facility
There are usually 5 stages of draw down or progress payments made, these stages are generally:
Most Lender only require interest payments on the loan during the construction phase. Then after completion the loan would revert to a standard variable home loan (P & I) repayment loan, which you have the option ( by speaking to us) of choosing between different loan types, including Spilt Loan, of Fix loans etc etc
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