Owner Builder / Construction Loans

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A construction loan can be used to finance the building of a new home or when planning major renovations to your existing home.

Construction loans are pre-approved loans based on the combined cost of the land and fixed building quote. The lender pays funds directly to the builder at various stages of construction, from initial building approval through to completion. At the completion of construction, your loan then reverts to a pre chosen home loan facility that best suits your needs.

With a Construction Loan you only pay interest on the amount that is drawn down throughout the various stages of construction.

PowerHouse Mortgages can assist owner builders in obtaining a construction loan.