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Are you considering renovating or building a new house? We can help. 

As property prices increase, many people find that renovating or rebuilding is a cheaper option than buying a new home. This is where a construction loan comes into play. With a construction loan, funds are released periodically from the lender as construction progresses and this allows you to pay the builder as required. Unlike a home loan, where you would usually be paid in a lump sum, you only pay the interest on the portion you draw upon and once building is finished, the loan reverts to normal monthly repayments. 

Is a construction loan right for me?

This very much depends on your individual requirements and we highly encourage sitting down with a mortgage broker to discuss your goals and objectives. In general terms, a construction loan is available to:

  • First home buyers to build a new home
  • Current homeowners who wish to extend, renovate or build a new home
  • Investors who want to build a new property

There are a number of advantages of construction loans, including lower repayments and less interest during the construction period. However, you may require a larger deposit and the overall interest rate may be higher. There is also more paperwork required by the lender before loan approval can be given. A mortgage broker can help you understand the process and walk you through step by step so you can make sure that a construction loan is the right option for you. 

Talk to a Lending Adviser at KeyInvest Lending Services on 1300 821 000.

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What people say about us

"Marg Phelps came recommended by my parents to sort finance on buying my first property. Through her patience over several visits I managed to secure the property I wanted with finance to suit me. I couldn't be happier with her professionalism. I’ll definitely consult her prior to future property decisions."

J. Winter, SA

"Two years after we set up our loan, and the entire process was a great experience with Denis our KLS Lending Adviser. He was helpful throughout the process and to this day follows up and ensures everything is working well. Professional throughout the process and very knowledgeable on all things financial. Couldn't recommend highly enough. "

M Schumacher

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