What are Land and Construction Loans?
A Land and Construction Loan is a type of financing that is specifically designed for property investors and owner-builders who want to finance the purchase of land and the construction of a new property. These loans are typically offered as a single loan package that covers the purchase of land, the cost of construction, and other associated expenses, such as legal fees and council fees.
Whether you are planning to build your own home or an investment property, Land and Construction Loans can provide you with the funds you need to make your project a reality. These loans can be used for a variety of construction purposes, such as purchasing land, building a new home, renovating an existing property, or developing commercial real estate.
At Ownright Custom Finance, we understand that every construction project is unique, which is why we offer a range of Land and Construction Loans to suit your individual needs. We work closely with our clients to provide tailored solutions that meet their financial goals and help them achieve success in their property investments.
How do Land and Construction Loans work?
Land and Construction Loans work differently from traditional home loans. With a Land and Construction Loan, the lender will typically release funds in stages throughout the construction process. This means that you will only pay interest on the funds that have been released, which can help to keep your borrowing costs down.
Once your construction project is complete, your loan will transition to a standard home loan, which will require you to make principal and interest repayments. At Ownright Custom Finance, we offer competitive interest rates and flexible repayment options to help you manage your loan repayments.
Types of Land and Construction Loans
At Ownright Custom Finance, we offer a range of Land and Construction Loans to suit your individual needs. Some of the types of loans we offer include:
Eligibility for Land and Construction Loans
To be eligible for a Land and Construction Loan with Ownright Custom Finance, you will need to meet our lending criteria. This may include:
Benefits of Land and Construction Loans
There are many benefits to using a Land and Construction Loan to finance your construction project, including:
Great options and great rates
When you’ve tried with every other lender or bank and not been satisfied, that’s where we come in. We’ll create a tailored and customised solution for you!
Did you know that according to recent statistics, approximately 80% of small businesses in Australia take out business loans to help fund their growth and operational costs?
Applying for a Land and Construction Loan with Ownright Custom Finance
If you are interested in applying for a Land and Construction Loan with Ownright Custom Finance, simply fill out our online enquiry form or contact us directly. Our experienced team will work with you to determine the best loan option for your needs and guide you through the application process.