What are development, construction and renovation loans?
Development, Construction and Renovation Loans Explained
OZloans can assist with structuring financing solutions for commercial and industrial development, residential property development and for renovations.
We can organise construction and development finance to provide creative and strategic alternatives to traditional development finance to maximise the return on your investment.
If you’re building a new home or planning major renovations to your existing home, a construction loan is generally the most appropriate funding option.
The difference between a construction loan and other types of loans is that a construction loan is drawn down in stages and not paid as a lump sum.
The drawdowns enable the builder of a home to finance the various stages of the construction process from the acquisition of land to the various stages of building.
Always Seek Expert Independent Advice
We always recommend to secure independent advice from an experienced mortgage broker like OZLoans Finance before you sign on to any financial borrowing commitment. Consider it as a cross-check before committing to what may be a complicated, inflexible and unsuitable financial commitment. It can often reap rewards with better negotiated interest rates and/or terms. It is also complimentary.