What is a construction loan?

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If you're looking to build or renovate your home, a construction loan could help you build your dream home or make structural changes to your existing property. Chris, Manager Lending Operations explains what a construction loan is and takes us through some of the important steps involved in the process.

Chris helps to answer some key questions:

Why would you choose a construction loan?
Explain “structural changes” - does this include general home renovations?
How is the loan drawn down?
What is a progress payment?
What documents do you need to supply?
What happens at the end of the construction period?

If you would like to find out more or think you might be interested in applying for construction loan, please visit our Construction Loan webpage.

Disclaimer

The information in this article is of a general nature and has been prepared without considering your objectives, financial situation or needs. Before acting on the information, consider its appropriateness to your circumstances

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