Tag: Construction Loan

Loans for construction are designed to be used by people who are building their own homes rather than buying one. Construction expenses are covered by a construction loan, not a regular mortgage. Construction loans are structured completely differently from traditional mortgages. Your construction loan is divided into stages according to where you are in the building process. Progressive drawdowns are sometimes called progress payments. A deposit will still be required. Building a new home or undergoing a major renovation is more appropriate for a Construction loan Sydney. A typical home…

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