BROKER LOCATIONS

• ACT- Australian Capital Territory
• NSW- New South Wales
• NT- Northern Territory
• QLD- Queensland
• SA- South Australia
• TAS- Tasmania
• VIC- Victoria
• WA- Western Australia

BUILDING LOANS/ FINANCE

Selectabroker is a free service that will find you a suitable mortgage, home loan or finance broker that will arrange the best possible building loan to suit your needs. At no charge.

Building loans are handled by most lenders and features and rates are the same as a normal loan. You can decide what product you want on completion but not all lenders will allow you to take a fixed rate at this point. Redraw options, base variable and offset loans are mostly OK.

But best to check with your home loan broker first.

The main difference between a building loan and normal loan is that you only pay interest payments on the loan amount drawn down as you progress through the building process.

For example you pay cash for your land and you arrange a building contract with your builder. As the builder finishes a stage of the building, they will ask for a progress payment on work done so far. The payment invoice is sent to the lender and they will pay the builder. You will then receive a monthly request from the lender for the interest payment.

Some other type of building loans include house and land packages, where the land loan is drawn and then progress payments are made on building. Some house and land packages may only require full payment on completion which can say you thousands, as the builder incurs the interest cost themselves on the building.

Building Loans made easy call or email us now.