Still haven’t found your dream home yet? Why not build it yourself! Building your own property can help ensure you have everything you want in your home lifestyle. However, it’s important that you’re aware building your own home has its financial challenges, and requires a special type of finance to ensure suppliers are paid correctly, and you can meet your financial obligations.

How construction loans are structured is typically based on:

1. The purpose of the loan;

• Purchase by a first-time home buyer or Owner-occupied.
• Property investor, or
• Refinance or restructure an existing loan.

2. The Interest Rate type;

• Variable Rate: meaning the interest rate can move either up or down at any time based on the market,
• Fixed rate: meaning the rate is ‘locked in’ for a set period.
• Split Rate: where a portion of the loan is fixed, and the rest is variable.

3. The setup;

Loans can either be based on principal and interest repayments or interest-only repayments.