pssman 1 Report post Posted February 15, 2017 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? Share this post Link to post Share on other sites
brooklynnygarage 0 Report post Posted February 15, 2017 A construction loan is typically a short-term loan used to pay for the cost of building a home. It may be offered for a set term (usually around a year) to allow you the time to build your home. Share this post Link to post Share on other sites
