In particular we focus on getting the loan structure right the first time, choosing which lenders to use in the right order (yes this is important) and finally getting our clients the best deal possible.
To calculate construction loan repayments you must multiply the loan balance by the interest rate (as a %), divide this figure by 365 (amount of days in the year), multiply the daily figure by the number of days that the account stayed on that balance.
By making additional payments during the construction of your home, you may be further reducing the interest accruing on your loan amount. You can choose to increase your repayments at any point during the construction period.
Your first construction payment is due one calendar month after the date of land settlement. If you have opted to pay weekly or fortnightly your first payment will start earlier to ensure you meet your minimum monthly repayment on time.
Your broker or home loan specialist will be able to calculate your minimum monthly construction period payment once you complete an application.
