Payments During Construction
A lot of first time builders do not realise that loan repayments start prior to you getting the keys to your new home.
This means that you may be still paying rent when your loan payments start.
Your loan repayments will start approximately one month after your land settles and you will be paying interest on the portion of your loan that is drawn down.
When you meet with a broker make sure they run through what the construction period (6 months) may look like in terms of monthly commitments.
