Famous Builders Loan References. Web a construction loan is a loan that is specifically designed for people who are building a new home, or conducting major renovations on an existing property. Web as construction loans are progressively drawn down, interest is normally calculated based only on the funds used so far.

For example, if by the third progress payment, only $150,000 has been drawn down on a $300,000 loan, interest would only be charged on $150,000. There might be other inspections along the way just to check everything’s still on track. Provide us with your details and one of our home loan specialists will get in touch.


