Construction loans
A construction loan is different from a regular home loan in several ways. For example:
- You only pay interest on the amount you use, not on the total loan amount.
- The interest rate is variable and may change during the construction period.
- You need to provide a fixed-price contract from a licensed builder and council-approved plans before applying for the loan.
- The lender will inspect the construction progress at each stage and release funds accordingly.
- You may pay extra fees for valuations and inspections during the construction period.
At Enlighten Finance, we can help you find the best construction loan for your needs and goals. We have access to over 30 lenders and hundreds of home loan products for construction loans. We will compare and negotiate for you to find you the most competitive deal for your situation.