Building your home from the ground up is one of the most rewarding projects you can take on. If you have a vision, this is where you can see it realised, providing a place for you and your family to live and grow for generations to come.

Whether this is your first new home build or one of many, it pays to work with a mortgage broker who understands the market and can get you the finance you need to support your plans.

A construction or building loan is generally released in phases, according to the stages of the construction project itself. This is advantageous in many ways, as you will only make payments and pay interest on the money you have used so far. The funding schedule is usually structured to release money to the builder at various pre-organised stages of the building process.

The stages include:

• Slab down
• Frame
• Fittings
• Lockup
• Completion

Your builder will invoice you at the completion of each phase, at which time your loan will release funds to cover. We will work with you throughout the whole process to ensure it’s a smooth transaction.

Knowing the financial limits of your build is also key to your long-term success. Being pre-approved for your construction loan will help you build the home you want with the funds you can afford.

Once the construction process has begun, it is important to keep a close eye on every stage of development in order to protect your investment. Ensure that the work that’s being done lines up with what you have paid for.

Make an appointment with your Can Finance Group mortgage broker today to learn more.