Construction Loan

Construction loans can be either owner-occupied or investment, its uniqueness is that this will be a completely new house without existing tenancies. And you can feel the real owner of a newly constructed home. It is easier to get the First Home Owners Grant (FHOG) as well in case of new construction.  All of the application processes are the same compared to purchasing an owner-occupied house or investment property. The only difference is that a buyer can buy only the land initially and build a house on it or go for a land and house package which will give them the final house.  In the case of only buying only a land
  • A person can get the pre-approval and formal approval for just the land portion at first 
  • They can settle their loan for the land and keep paying the repayments until they decide on an excellent builder to construct the house.
  • The only difference is that they should disclose their rental expenses as the clients won’t be moving into the property after the loan settles. 
  • When the clients find a suitable builder for their property they can finalize the deal and move toward the construction loan phase.
  • The construction loan is also processed with the same lender as the land is settled with.
  • During the construction phase, the bank will start to disperse the required amount to the builder until the house is completed. This is called progress payment!
In the case of house and land package 
  • It is the same as other purchase cases, the only difference is only one application will be there for the whole deal and the loan will settle once the house is also completed.

CEO, Senior Mortgage Broker

Lekha Gurung

Lekha Gurung is an experienced mortgage broker from Sydney who expert in assisting first-home buyers, property investors, refinancing, etc. He has settled more than 300 loans till now. Our Services include First Home Buyers Loans, Investment Loans, Refinancing, Personal Loans, Business Loans, Reverse Mortgage, Credit Default Loan, Low Docs Loan, assistance in property research, and Insurance referral arrangements.

Additionally, Lekha Gurung offers Free Home Loan Consulting and Home Loan Advice. Recognizing the complexities of the mortgage process, these no-cost, personalized consultations are available for free to everyone. Lekha will provide expert guidance tailored to your financial needs, ensuring you make informed decisions in your property financing journey. Simply fill out a form and pick a date to book your Free Session today!

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Active Mortgage and Finance
Suite 3, 2-6 Hercules Street Ashfield NSW 2131
Phone: 02 9797 9069, 0425 848 409

contact@activemortgage.com.au
www.activemortgage.com.au