Construction Loan

Financing Your Dream Home Build

Build Your Dream Home with the Right Construction Loan

A construction loan, also known as a home build mortgage, is tailored to finance the building costs of your new home. The bank and borrower agree on the total construction costs, and the loan is advanced in stages as construction progresses. Initially, the interest rate is floating, switching to a fixed rate once the home is built.

Constructing a new home is an exciting journey that requires careful financial planning. At Omega Financial Services, we offer construction loans that provide the flexibility and support you need to turn your dream home into a reality. Our loans are designed to cover the costs of building your home, with payments made in stages as construction progresses.

Borrowing Limits and Deposits

Most banks lend up to 90% of the total construction price, requiring at least a 10% deposit and a contingency fund.

Progressive Payments

Loans are drawn down in stages, with payments made directly to builders or suppliers as invoices are issued.

Mortgage Cashback Offers

May apply upon completion of the build and switch to a fixed-term loan.

Key Benefits of Construction Loans?

Custom Financing Solutions

Tailored to meet the specific needs of your home build project.

Interest Rate Flexibility

Manageable floating rates during construction, with a stable fixed rate after completion.

Proactive Support

Some banks are more supportive of construction mortgages, offering competitive rates and terms.

Expert Guidance

Our team at Omega Financial Services helps you navigate the complexities of construction loans to secure the best deal.

Comprehensive Coverage

Financing available for a wide range of construction contracts, ensuring flexibility in building your dream home.

Applicable Contract Types

Suitable for turn key, build-only, partial contracts, and prefab/transportable builds.

Ready to take the next step

Our experts are here to assist you with your mortgage and insurance needs.
Enquire now or call us today!

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