Build Your Home with a Construction Loan
Build Your Dream Home with a Construction Loan
Construction Loans
Progress Payments
Interest-Only During Construction
Flexible Loan Options
Why People Getting Loans Trust CVG Finance
We match you with the best lenders.
Quick approvals and minimal paperwork.
Over 70 years of industry experience.
Got Questions? We’ve Got Answers!
How does a construction loan work?
Construction loans are typically drawn down in stages, meaning you only pay interest on the funds that have been used during the construction phase. Once the home is completed, the loan usually switches to principal and interest repayments.
It’s important to speak with CVG Finance early in the process, as some lenders charge higher interest rates and additional fees on progress drawdowns. We can help you compare lenders and secure a competitive construction loan tailored to your needs.
What are the additional requirements of a construction loan?
Lenders typically require a fixed-price building contract with a licensed builder. The contract must include progress drawdowns that align with the bank’s guidelines. Additionally, the builder will need to provide builder’s warranty and all-risk insurance.
At CVG Finance, we can assist you throughout the progress drawdown process, ensuring everything aligns with lender requirements and runs smoothly.
Can I build my own house if I am an owner builder?
Some banks may consider loans for owner-builders, but they often limit the loan amount to the land value and may not factor in the construction’s end value. There is an added level of risk if the project exceeds the budget, so it’s crucial to discuss all available options with CVG Finance.
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