What is a building loan and do I qualify?

Author
MyProperty
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A Building Loan is used to finance the construction of a dwelling on vacant land or to finance additions and renovations to an existing home.

Unlike a home loan; with a building loan the bank pays out the loan in stages, as each stage of the construction process is completed.

How do I know if I qualify for a building loan

  • You must be at least 18 years old.
  • You must have a clear credit record.
  • The finance must be used to build or alter a residential property.
  • The contractor must be registered with the
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