A construction loan offers several advantages tailored to the needs of building or renovation projects. One key benefit is the provision of regular progress funding, which releases funds in stages as construction advances, allowing you to pay contractors and suppliers without seeking additional financing. The loan often features interest-only payments during the construction phase, easing financial pressure by lowering monthly expenses. Additionally, construction loans provide flexible terms to adapt to project timelines and changes, with interest payments typically capitalised onto the loan balance until the project's completion. These loans are versatile, catering to a range of project types from residential to commercial, and come with access to specialized advice, helping you manage budgeting, project execution, and other complexities efficiently.