Browse Forums Home Finance 1 Nov 17, 2010 3:34 pm Hi guys just wanted to know some info on how a construction loan works. How long do they usually take? Is it straight forward? Is it a long process? My bank has told me i need 5% savings of the total building cost which i personally think its a bunch of crap but i should have that in the next few 2 weeks but coming up to xmas im hoping it wont delay me and also i hope they wont want that 5% cos im saving that money for our wedding next year any info will be great The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 19097 Hi, you've probably already resolved this, however, Commbank will probably pay the funds to you after you send evidence the work is done regardless the change in the quotes. 1 35326 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11916 |