If you want to design and build your own home, then you may want to look at a competitive construction loan from Select Advice Mortgages Prahran.
Construction loans are really another form of a standard home loan which rolls out in stages as the different phases of your land purchase and house construction unfold. While you can readily get a loan for land purchase alone, if you are buying land with a view to construction and require funds for the land purchase, Select Advice Mortgages Prahran will set up the entire approval process for you from the outset.
In the world of bricks and mortar the process from idea to home can be a complicated process which can go through a multitude of stages. To deal with the various contingencies in the building process many lending institutions offer construction loans, which differ substantially from standard variable home-loans. Your borrowing options are pretty broad and your choices will naturally be driven by your personal situation.
A major advantage to construction loans is that interest is only calculated on the amount you have drawn, not the total loan value.
Everyone is different, with their own financial circumstances and goals, from a first time home buyer to an investor with an established portfolio of properties. Select Advice Mortgages Prahran brokers have wide experience in the art of what’s possible, and are able to help customers with more difficult or complicated needs. If it’s understanding, expertise and innovation you’re after, you’ve come to the right place.
So, stop worrying about how you are going to finance your dream home and start living the dream! Talk to Select Advice Mortgages Prahran today about securing a highly competitive Melbourne construction loan today!