Want to receive our latest news and info?

  • This field is for validation purposes and should be left unchanged.

Want us to call you back?

  • This field is for validation purposes and should be left unchanged.

Building or renovating? Consider a construction loan.

Gomm Finance Badge

A construction home loan is set up differently from a normal home loan. It’s typically a variable rate loan whereby progress payments are required once each stage of the home is completed.

Depending on the timing, you may need to settle on the land first then proceed with the build separately. So you will probably have two loans – one for the land and one to construct the home. During construction, the builder presents a progress payment to the bank following completion of each one of the usual five stages:

  • Laying the slab
  • Roofing and tiling
  • Internals
  • Lock-up
  • Final payment

Repayments are generally interest-only during the construction period, converting to principal and interest on completion of the home.

Gomm Finance can assist you with the following:

  • House and land package
  • Financing land before the build
  • Pre-approval for construction
  • Renovations
  • Sub-division and developments
Contact us to find out more.

Email us or call (08) 6380 2377