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.