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Construction Mortgage

How does a construction mortgage work?

Instead of making one full withdrawal to buy the property, a construction mortgage lets you access the loan in instalments over a certain time frame. You could start by paying the deposit on a block of land or pay for it in full, and then make payments to the builder at various stages of the construction. For example, when the slab is laid, or the house frame is finished, or when brickwork is completed, and so on.

With an ING DIRECT Construction Loan you can pay for the land, and the construction of your owner occupied or investment property. If you're using part or all of your mortgage for construction, the total amount won't come to you up front. Rather the money will be made available through progressive payments that are paid straight to the builder.

When construction is finished, or 2 years after mortgage settlement date, whichever happens first, the Construction Mortgage converts to an ING DIRECT Mortgage Simplifier.

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