Problems with interest rates and repayments? Ask for home loan help.
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If you are designing and building your own home, or making major rennovations to an existing property, a construction loan offers you all you need to get the project under way. 
Construction loans allow you to borrow funds for the project with small monthly repayments as the loan starts as interest only.
Using estimates and tenders from builders, along with council approvals, your lender will calculate the final building costs and agree on a loan amount. You draw the money as and when you need it, usually as each major stage of the construction is completed. The loan is interest only during the construction phase, and you only pay interest on the amount of funds you have drawn, rather than the whole loan amount. You can also make early repayments should you wish to. A construction loan can offer many benefits to borrowers wishing to design and build their own home, as it offers an affordable way of borrowing the funds necessary for the task. Once the construction is complete, the loan reverts to a principle and interest loan.
However, because you pay interest only you are not paying the principle part of the loan, therefore once construction is complete, you will find that you have not paid much of the loan total. And, the loan is variable rate therefore if interest rates go up, so will your loan repayments.
First Home Buyer Grant
In October 2008, the Federal Government announced increases to the First Home Buyer Grant but it is now set to revert back to the original $7,000 as of 31 December 2009. To find out if you are eligible for this loan visit http://www.firsthome.gov.au/
If you are looking for a construction loan with a great rate and benefits, call  .
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