If you want to update your existing property or you want a house customised to your needs and preferences, building a house instead of buying one can be a good choice.
If you’re looking to do this, then a construction loan is the finance tool you need.
What is a construction loan?
A construction loan is a type of loan that is used to pay for the cost of building a new house or a major renovation. It has a different payment scheme than a traditional home loan because it has progressive payments or draw-downs where the lender releases funds throughout the stages of construction.