Building runs to a different clock. Your loan has to keep pace.
With construction finance the money does not come out all at once: it comes in stages, as the works progress and the bank inspects them. We handle that machinery with you.
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The money comes out in stages, and that comes with rules
Each release (tranche) depends on an inspection confirming the real state of the works. Different banks have different schedules, requirements and inspection costs.
This is where the choice of bank matters more than the rate: a schedule out of step with your builder creates cash-flow problems halfway through the works.
Grace period: paying interest only while it is being built
During the works you usually pay interest only on the capital already released, and the full instalment starts when the house is finished.
We do that maths month by month so you know what it means for your budget — especially if you are paying rent at the same time.
The land too goes into the sum
If the land is already yours, it goes into the deal as your own capital and changes the amount you need to have set aside.
If it is not yet, some banks finance the purchase and the build in a single facility while others require two products. It is one of the things we compare for you.
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