While in a standard home loan, all funds are advanced at settlement with a construction loan, Lender will usually retain all of the cost to construct your property (amount stated in the fixed price building contract).
Construction loan funds are progressively drawn down at each stage of construction. Each progress draw-down is referred to as a “Progress Payment”. Progress payments are made directly to the builder. If bank is only funding a portion of the cost to construct your home, you must contribute all of your own funds before you can draw down on the loan.
There is a difference between loans for buying an established property and loans for building your own home.
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Right from the words ‘Looking for a Home Loan’ till the ‘Settlement’, we have been helped and advised extremely well on not just obtaining the right loan but also what pitfalls to look out for while buying a house. As first home buyers we could not have asked for better commitment, service and transparency throughout the whole process.
Thank you Amit for being so helpful, I could not have asked for more.
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Amit Sharma from Investors Mortgage is a patient and a true professional who helped us find the right product for our investment property. He knows what he is doing and has extreme knowledge of the industry. I am very happy with the excellent service he has provided and no doubt I will be recommending him to my family and friends.”
“Thanks Amit for your help with my car loan. You will get more of my business in a future.”