Just have a question...
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DH and I are looking at building a house in NSW. We will need to get a loan for the house and land. We have a 10% deposit.
We don't want a house and land package as we want to feel free to use any builder.
Our question is, How do construction loans work? Do we put a deposit on the land and then find the house we want and then go to the bank for a loan?
Or.. Do we get seperate loan for the land, then seperate loan for the house which means we would need double the deposit amount...
Apologies in advance if this is a silly question
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Thank you in advance!