Construction Home Loans

A construction loan is a specialised home loan product. The main difference in a construction loan compared to a standard home loan is the method of drawing down debt when it’s required rather than a one off transfer full the full amount required to complete purchase.

A construction loan allows for interest only payments for the land portion before commencing construction and interest only payments during the construction process.

The funds are drawn down generally in 3 stages. They are drawn down after certain work has been completed and documented evidence of this work is sent to the funder.

A construction loan will revert to a standard variable home loan once the construction is complete.

Enquire with Internet Home Loans today to discuss your construction loan requirements further.