All Topics / Finance / H&L package construction loan.

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  • Profile photo of Hybrid2007Hybrid2007
    Member
    @hybrid2007
    Join Date: 2007
    Post Count: 67

    We are planning to purchase a home and land package for our next ppor. We will be selling our ppor and an investment property to fund this so we can keep the same mortgage limit over our ppor (no increase).

    Once we sell our ppor how do the repayments work for the switch to a construction loan?

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Interest will be charged on the land and then on the progressive stages until the loan amount is fully drawn and the property completed..

    Richard Taylor | Australia's leading private lender

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