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pssman

CONSTRUCTION LOAN

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Hi, I'm planning a reconstruction of my home. I am budgeting >$700K for the works (tear-down, rebuild, fitout). Can anyone point me in the right direction on how to plan for the financing of this construction. Hoping to put it to a long term repayment plan. 

From reading previous threads (2010...), the process is:

1. Construction loan (up to 2 years)

2. Revalue property and apply for a long-term property loan (>10 years)

Is that right? And anyone with experience with any banks that does this well?

 

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