Excellence Finance

These types of loans set up a schedule of progress payments for paying builders and organise the payments to be made after each stage of building that has been inspected and verified.
To determine the final value of the property the lender will need you to supply them with
- Construction cost estimates - tenders, costs and quotes from your builder.
- Council approved plans and specifications, including any conditions of approval.
- Written details of any work to be carried out by borrower, their family, friends or sub-contractors
Upon completion of the dwelling, the Construction Loan converts to the agreed choice of Home Loan.
Lenders may require the borrower to repay only the interest on the amount drawn-down to date during the construction period. This then reverts to the full monthly repayment on completion of the home (to help pay rent, or existing mortgage payments whilst the new home is being built).

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